Ethereum Price Declines Below $1,620, Faces Key Support at $1,580
Ethereum (ETH) is experiencing a decline, trading below key levels and facing potential further losses.
- ETH started to decline after failing to surpass $1,700 and $1,720.
- Current trading below $1,620 and the 100-hourly Simple Moving Average.
- Break below a bullish trend line with support at $1,625 on the hourly chart.
- If ETH clears the $1,640 resistance, it could initiate a new upward movement.
Market Analysis
ETH formed a base above $1,550 before rising past $1,600 and $1,620. However, a high of $1,690 was reached, followed by a correction below $1,640.
The price is now below $1,625, testing the 50% Fibonacci retracement level from the recent upward move. Key resistance levels are:
- $1,620
- $1,640
- $1,650
A breakout above $1,690 could lead to gains towards $1,750 or $1,800.
Potential for Further Losses
If ETH fails to clear $1,640, initial support is at $1,580, followed by:
- $1,555
- $1,525
- $1,450
- $1,420
Technical indicators show bearish momentum, with the MACD indicating increased downward pressure and RSI below 50.
Major Support Level: $1,580
Major Resistance Level: $1,640