Ethereum price struggled to maintain its position above the $1,700 mark and continued its downward trend, mirroring Bitcoin’s performance. ETH price accelerated towards a decline, targeting levels beneath $1,680 and $1,665. There was a breakdown beneath a bullish trend line, with support positioned at $1,700 on the hourly chart of ETH/USD. The bears have driven the price beneath the 38.2% Fibonacci retracement level of the upward movement from the $1,505 swing low to the $1,719 high.
However, the bulls were actively engaging near the $1,610 level. Ethereum price is currently trading under $1,680 and has fallen below the 100-hourly Simple Moving Average. If the bulls continue to dominate above $1,610, the price may seek to rise again. Immediate resistance is observed around the $1,665 mark. The first key resistance is positioned around the $1,680 mark. The next significant resistance is positioned around the $1,710 mark. A decisive breakthrough above the $1,710 resistance could propel the price toward the $1,750 resistance level. An upside break above the $1,750 region could signal potential gains in the days ahead. In the current scenario, Ether may potentially climb towards the $1,840 resistance level or possibly reach $1,850 in the short term.
If Ethereum fails to clear the $1,710 resistance, it may initiate a new downward trend. Initial support on the downside is positioned around the $1,610 mark. The first major support is positioned around the $1,585 area, coinciding with the 61.8% Fibonacci retracement level of the upward movement from the $1,505 swing low to the $1,719 high. A decisive drop below the $1,585 support level could drive the price down to the $1,550 support zone. Further losses could push the price down to the $1,520 area. The primary support level appears to be set at $1,500.