Ethereum price was unable to maintain its position above the $1,680 level and continued its downward trend, similar to Bitcoin. ETH price accelerated towards a decline beneath the $1,665 and $1,650 thresholds. The price even tested the 50% Fibonacci retracement level of the upward move from the $1,505 swing low to the $1,720 swing high. However, the bulls demonstrated significant activity around the $1,610 level. Additionally, a declining channel is taking shape, with resistance identified at $1,640 on the hourly chart of ETH/USD.
Ethereum price is currently positioned beneath $1,650 and the 100-hourly Simple Moving Average. If the bulls maintain their momentum above $1,610, the price may seek to rise further. Immediate resistance is observed around the $1,650 level. The initial significant resistance is around the $1,665 level. The next significant resistance is around the $1,680 level. A decisive breakthrough above the $1,680 resistance could propel the price towards the $1,720 resistance level. An upside break above the $1,720 region could signal potential for further gains in the upcoming days. In the stated case, Ether could rise toward the $1,780 resistance zone or even $1,800 in the near term.
If Ethereum fails to clear the $1,650 resistance, it may initiate a new downward trend. Initial support on the downside is near the $1,610 level. The first major support is located around the $1,590 area, coinciding with the 61.8% Fibonacci retracement level of the upward movement from the $1,505 swing low to the $1,720 swing high. A decisive move beneath the $1,590 support level could drive the price down to the $1,550 support level. Further losses could push the price down to the $1,520 area. The primary support level appears to be $1,500.