Ethereum Price Declines Below $1,620 While Testing Resistance Levels

Ethereum Price Update

Ethereum has declined below $1,620 and $1,600.
Current trading is under $1,620 and the 100-hourly Simple Moving Average.
A break occurred above a bearish trend line at $1,590 on the ETH/USD hourly chart.
Potential increase if it surpasses the $1,615 resistance zone.

Price Movements

Ethereum's price recently dropped below $1,600 and reached a low of $1,538 before attempting recovery. A rise above $1,580 was noted, alongside a move past the 23.6% Fib retracement level from $1,690 to $1,538.

However, hurdles exist near $1,600, with significant resistance at $1,615 and $1,655. A breakthrough at $1,655 may lead towards $1,700, with potential further increases toward $1,750 or $1,800.

Downside Risks

If Ethereum does not overcome the $1,615 resistance, a decline could follow. Initial support is around $1,575, with major support at $1,540. A drop below $1,540 could push prices toward $1,480 and potentially $1,420.

Technical Indicators

Hourly MACD shows decreasing momentum in the bearish zone.
Hourly RSI is below the 50 level.
Major Support Level – $1,540
Major Resistance Level – $1,655