Ethereum Price Looks Vulnerable Again After A Failed Recovery Attempt

Ethereum price started a downside correction from 1,720. ETH must clear the 1,670 and 1,700 resistance levels to continue higher. Ethereum started a downside correction below the 1,620 zone. The price is trading below 1,665 and the 100-hourly Simple Moving Average. There was a break below a bullish trend line with support at 1,700 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to move down if it stays below the 1,680 zone. Ethereum Price Resumes Decline Ethereum price failed to stay above the 1,700 zone and extended its decline, like Bitcoin. ETH price gained pace for a move below the 1,680 and 1,665 levels. There was a break below a bullish trend line with support at 1,700 on the hourly chart of ETH/USD. The bears pushed the price below the 38.2 Fib retracement level of the upward move from the 1,505 swing low to the 1,719 high. However, the bulls were active near the 1,610 level. Ethereum price is now trading below 1,680 and the 100-hourly Simple Moving Average. If the bulls remain in action above 1,610, the price could attempt another increase. Immediate resistance is seen near the 1,665 level. The first key resistance is near the 1,680 level. The next major resistance is near the 1,710 level. A clear move above the 1,710 resistance might send the price toward the 1,750 resistance. An upside break above the 1,750 region might call for more gains in the coming days. In the stated case, Ether could rise toward the 1,840 resistance zone or even 1,850 in the near term. Downside Continuation In ETH? If Ethereum fails to clear the 1,710 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 1,585 zone or the 61.8 Fib retracement level of the upward move from the 1,505 swing low to the 1,719 high. A clear move below the 1,585 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 gaining momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 zone. Major Support Level – 1,550 Major Resistance Level – 1,710