Ethereum Fails Near Key Resistance, Why $1,700 Is The Key


Ethereum struggled to remove the key resistance of $1,920 against the US Dollar. ETH has fallen sharply and is now testing the key $1,700 support area.

  • Ethereum failed to break above the key resistance area of ​​$1,920.
  • The price is now trading below $1800 and the 100 hourly simple moving average.
  • There was a break below the major uptrend line with support near $1800 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could drop sharply if there is a clear move below the $1,700 support area.

Ethereum price gains

Ethereum speed increased above Resistance Level $1,850 to start the wave of recovery. There was a steady move above the $1,880 level and the 100 hourly simple moving average.

The price rose above the 50% Fib retracement level of the major decline from the $2.015 swing high to $1,735. Ether price moved above the $1900 level, but the bears remained active near the main hurdle at $1,920.

The price struggled above the $1900 level. The sellers encountered near the 61.8% Fib retracement level of the major decline from the $2.015 swing high to $1,735.

As a result, there was a sharp drop below the support level at $1,850. There was a break below the major uptrend line with support near $1,800 on the hourly chart of ETH/USD. The price of ether dropped dramatically and even broke $1750 support zone.

Ethereum price

Source: ETHUSD on TradingView.com

It is now consolidating its losses above the $1,700 support level. On the upside, there is an initial resistance near the $1,780 level. The next major resistance is near the $1,800 and $1,820 levels. A clear move above the resistance at $1,820 may start a healthy recovery. In the said case, the price could set you back a visit of $1,850. Any further gains could set the pace for a move towards $1,900.

More losses in ETH?

If Ethereum fails to rise above the resistance level at $1,820, it may continue to decline. There is initial support on the downside near the $1,720 area.

The next major support is near the $1,700 level. A clear move below the $1700 level could trigger a significant decline. The next major support might be $1,660. Any further losses could send the price towards the $1,550 level in the near term.

Technical Indicators

MACD per hourETH/USD’s MACD is gaining momentum in bearish territory.

Hourly RSIThe RSI for ETH/USD is now in the oversold territory.

Key Support Level – $1700

Key Resistance Level – $1,820



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