Ethereum Price Consolidates Below $1,720: What Could Trigger Another Decline? – NewsBTC

Ethereum price is still struggling below $1,720 against the US Dollar. ETH could continue to move down if it stays below $1,700 and $1,720.
Ethereum’s price remained in a bearish zone below the $1,720 resistance. ETH extended its decline below the $1,660 level, similar to Bitcoin.
There was a spike below the $1,630 support. The price tested the $1,620 zone. A low is formed near $1,620 and the price is now attempting a recovery wave. There was a move above the $1,640 and $1,650 levels. The bulls pushed the price toward the 50% Fib retracement level of the downward move from the $1,748 swing high to the $1,620 low.
Ether is still trading below $1,700 and the 100-hourly Simple Moving Average. There is also a key bearish trend line forming with resistance near $1,720 on the hourly chart of ETH/USD.
Immediate resistance is near the $1,700 level or the 100-hourly Simple Moving Average. It is close to the 61.8% Fib retracement level of the downward move from the $1,748 swing high to the $1,620 low. The next major resistance is near the $1,720 level and the trend line.

Source: ETHUSD on TradingView.com
A proper move above the $1,700 and $1,720 resistance levels might start a steady recovery wave. The next resistance sits near $1,775, above which Ethereum could rise toward the $1,820 level. Any more gains above the $1,820 resistance zone might send the price toward the $1,850 resistance.
If Ethereum fails to clear the $1,700 resistance, it could start another decline. Initial support on the downside is near the $1,640 level.
The next major support is near the $1,620 level. If there is a break and close below the $1,620 support, the price could dive toward the $1,550 support. Any more losses may perhaps send the price toward the $1,500 zone.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $1,620
Major Resistance Level – $1,700
Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.
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