Ethereum Price Faces Key Resistance and Potential Decline

Ethereum’s price struggles below $1,650, facing significant resistance at $1,600. A potential resurgence above $1,650 could lead to gains towards $1,750; however, failure to breach resistance may see prices decline further, with key support levels at $1,535 and $1,500.

Ethereum’s price has recently embarked on a decline, dipping below the $1,650 threshold. Currently, it is undergoing a consolidation phase, potentially falling further under the $1,550 support level. As of now, Ethereum trades below $1,600 and the 100-hourly Simple Moving Average, indicating bearish momentum.

The price action has mirrored that of Bitcoin, failing to maintain upward movement beyond $1,700. Post a significant drop, Ethereum recorded a low at $1,538 but has since made a modest recovery by surpassing $1,565. Nonetheless, the price remains below $1,600 while encountering resistance at this critical level, alongside a new bearish trend line forming on the hourly chart.

Further hurdles are evident, with resistance positioned near $1,615, aligning with the 50% Fibonacci retracement of the decline from the $1,690 high. A robust movement above $1,650 could catalyse a climb towards $1,690 and potentially open the door to targets around $1,750 to $1,800 in subsequent sessions.

Conversely, should Ethereum fail to break through the $1,600 barrier, it may initiate another downward trend. Initial support awaits near $1,560, with the main support located at $1,535. A breach below this level could see prices tumble to $1,500 and subsequently to $1,420.