Ethereum Price Indicators Suggest Vulnerability For Bigger Decline

Ethereum price is struggling to recover above $1,650 against the US Dollar. ETH is showing bearish signs and might dive below the $1,600 support. Ethereum failed to gain strength for a move above the $1,650 zone. The price is trading below $1,640 and the 100-hourly Simple Moving Average. There are two bearish trend lines forming with resistance near $1,630 and $1,640 on the hourly chart of ETH/USD (data feed via Kraken). The pair could accelerate lower if the bears push it below the $1,600 support. Ethereum Price Remains At Risk Ethereum’s price attempted a recovery wave from the $1,600 support zone. ETH price climbed above the $1,630 level but the bears were active near the $1,650 zone, like Bitcoin. The price is again moving lower and showing bearish signs. There are also two bearish trend lines forming with resistance near $1,630 and $1,640 on the hourly chart of ETH/USD. Ether is now trading below $1,640 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $1,630 level and the first trend line. The next resistance is near the $1,640 level, the second trend line, and the 100 hourly SMA. It is close to the 23.6% Fib retracement level of the downward move from the $1,750 swing high to the $1,600 low. A close above the $1,640 level might send the price toward the $1,670 zone. The main resistance is now forming near $1,700 or the 61.8% Fib retracement level of the downward move from the $1,750 swing high to the $1,600 low. Source: ETHUSD on TradingView.com To start a fresh increase, Ethereum must settle above the $1,700 resistance zone. The next resistance might be near $1,750. Any more gains might send the price toward the $1,800 resistance. More Losses in ETH? If Ethereum fails to clear the $1,640 resistance, it could continue to move down. Initial support on the downside is near the $1,610 level. The first key support is close to $1,600. The next major support is near the $1,580 level. If there is a downside break below $1,580, the price could accelerate lower toward the $1,540 level. Any more losses might send the price toward the $1,480 level. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 level. Major Support Level – $1,600 Major Resistance Level – $1,640