Ethereum Price Declines Below $1,650, Faces Resistance at $1,600
Ethereum price is declining, currently trading below $1,600 and facing resistance around $1,600.
- ETH declined below $1,650 and $1,620.
- Price formed a low at $1,538 before correcting slightly above $1,565.
- A bearish trend line is forming with resistance at $1,600.
- Key resistance levels are at $1,615 and $1,650.
- Initial support levels are at $1,560 and $1,535.
- A drop below $1,535 may lead to further declines towards $1,500 and $1,420.
Technical indicators show the MACD losing momentum in the bearish zone while RSI is above 50.