Ethereum price started a downside correction below $1,665. ETH must clear the $1,650 and $1,720 resistance levels to continue higher.

• Ethereum started a downside correction below the $1,650 zone.
• The price is trading below $1,650 and the 100-hourly Simple Moving Average.
• There is a declining channel forming with resistance at $1,640 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could continue to move down if it stays below the $1,720 zone.

Ethereum Price Holds Support

Ethereum price failed to stay above the $1,680 zone and extended its decline, like Bitcoin. ETH price gained pace for a move below the $1,665 and $1,650 levels.

The price even tested the 50% Fib retracement level of the upward move from the $1,505 swing low to the $1,720 swing high. However, the bulls were active near the $1,610 level. Besides, there is a declining channel forming with resistance at $1,640 on the hourly chart of ETH/USD.

Ethereum price is now trading below $1,650 and the 100-hourly Simple Moving Average. If the bulls remain in action above $1,610, the price could attempt another increase.

Source: ETHUSD on TradingView.com

Immediate resistance is seen near the $1,650 level. The first key resistance is near the $1,665 level. The next major resistance is near the $1,680 level. A clear move above the $1,680 resistance might send the price toward the $1,720 resistance. An upside break above the $1,720 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $1,780 resistance zone or even $1,800 in the near term.

Downside Continuation In ETH?

If Ethereum fails to clear the $1,650 resistance, it could start a fresh decline. Initial support on the downside is near the $1,610 level. The first major support sits near the $1,590 zone or the 61.8% Fib retracement level of the upward move from the $1,505 swing low to the $1,720 swing high.

A clear move below the $1,590 support might push the price toward the $1,550 support. Any more losses might send the price toward the $1,520 region. The main support could be $1,500.

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 zone.

Major Support Level – $1,610

Major Resistance Level – $1,665

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