Ethereum Price Surges Above $1,720 but Faces Downside Correction

Ethereum Price Update

Ethereum price surged above $1,720 but is now correcting gains.
Currently trading above $1,700 and the 100-hourly Simple Moving Average.
A bearish trend line is forming with resistance at $1,780.
A clear break above $1,800 could lead to further gains.

Current Price Action

ETH formed a high at $1,834 and is undergoing a downside correction, having dipped below key levels. The price has fallen below the 23.6% Fib retracement level from $1,565 to $1,834.

Resistance and Support Levels

Immediate resistance at $1,780 and then $1,800.
Major resistance at $1,840 could push prices towards $1,920.
Initial support near $1,725, with major support at $1,700.
Further declines may target $1,650 and $1,620 support levels.

Technical Indicators

MACD shows decreasing bullish momentum.
RSI is currently below the 50 mark.