{"id":25514,"date":"2023-06-16T03:54:54","date_gmt":"2023-06-16T07:54:54","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=25514"},"modified":"2023-06-16T03:54:54","modified_gmt":"2023-06-16T07:54:54","slug":"ethereum-price-consolidates-below-1720-what-could-trigger-another-decline","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/06\/16\/ethereum-price-consolidates-below-1720-what-could-trigger-another-decline\/","title":{"rendered":"Ethereum Price Consolidates Below $1,720: What Could Trigger Another Decline?"},"content":{"rendered":"

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.<\/em><\/p>\n

Ethereum is slowly moving higher from the $1,620 support zone.
\nThe price is trading below $1,700 and the 100-hourly Simple Moving Average.
\nThere is a key bearish trend line forming with resistance near $1,720 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could struggle to recover above the $1,700 and $1,720 resistance levels.<\/p>\n

Ethereum Price Faces Uphill Task<\/h2>\n

Ethereum\u2019s price remained in a bearish zone below the $1,720 resistance. ETH extended its decline below the $1,660 level, similar to Bitcoin<\/a>.<\/p>\n

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.<\/p>\n

Ether is still trading below $1,700 and the 100-hourly Simple Moving Average<\/a>. There is also a key bearish trend line forming with resistance near $1,720 on the hourly chart of ETH\/USD.<\/p>\n

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.<\/p>\n\n

Source: ETHUSD on TradingView.com<\/a><\/p>\n

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.<\/p>\n

Fresh Decline in ETH?<\/h2>\n

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.<\/p>\n

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.<\/p>\n

Technical Indicators<\/p>\n

Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is losing momentum in the bearish zone.<\/p>\n

Hourly RSI \u2013 <\/strong>The RSI for ETH\/USD is now above the 50 level.<\/p>\n

Major Support Level \u2013 $1,620<\/p>\n

Major Resistance Level \u2013 $1,700<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

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.<\/em><\/p>\n

Ethereum is slowly moving higher from the $1,620 support zone.
\nThe price is trading below $1,700 and the 100-hourly Simple Moving Average.
\nThere is a key bearish trend line forming with resistance near $1,720 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair could struggle to recover above the $1,700 and $1,720 resistance levels.<\/p>\n

Ethereum Price Faces Uphill Task<\/h2>\n

Ethereum\u2019s price remained in a bearish zone below the $1,720 resistance. ETH extended its decline below the $1,660 level, similar to Bitcoin<\/a>.<\/p>\n

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.<\/p>\n

Ether is still trading below $1,700 and the 100-hourly Simple Moving Average<\/a>. There is also a key bearish trend line forming with resistance near $1,720 on the hourly chart of ETH\/USD.<\/p>\n

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.<\/p>\n

Source: ETHUSD on TradingView.com<\/a><\/p>\n

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.<\/p>\n

Fresh Decline in ETH?<\/h2>\n

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.<\/p>\n

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.<\/p>\n

Technical Indicators<\/p>\n

Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is losing momentum in the bearish zone.<\/p>\n

Hourly RSI \u2013 <\/strong>The RSI for ETH\/USD is now above the 50 level.<\/p>\n

Major Support Level \u2013 $1,620<\/p>\n

Major Resistance Level \u2013 $1,700<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-25514","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/25514","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=25514"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/25514\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=25514"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=25514"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=25514"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}