Ethereum Price Remains Below $1,620 as Recovery Stalls

Ethereum Price Analysis

Ethereum dropped below $1,550 after failing to maintain levels above $1,620 and $1,700.
Currently trading under $1,620 and the 100-hourly Simple Moving Average.
Resistance identified at $1,615 due to a bearish trend line on the hourly chart.
Price faces risk of further decline if unable to surpass the $1,620 resistance.

Current Market Situation

After falling below key levels, Ethereum reached a low of $1,410 but has shown some recovery above $1,550. The price is currently correcting losses but encounters resistance near $1,620. A significant bearish trend line suggests challenges ahead for upward movement.

The next major resistance level is at $1,660, with further resistance at $1,720. A breakthrough above $1,720 could target $1,820 and potentially $1,880 or $1,920.

Potential Decline

If Ethereum does not clear the $1,620 hurdle, it may see another decline. Key support levels include:

$1,540
$1,505
$1,420
$1,380
$1,320

Technical Indicators

Hourly MACD shows decreasing bullish momentum.
Hourly RSI indicates movement above the 50 level.