Key facts
- Ethereum price has declined and is trading below $1,750.
- ETH is consolidating below $1,750 and the 100-hourly Simple Moving Average.
- A bearish trend line with resistance at $1,750 is forming on the hourly chart.
- Initial downside support is near $1,715, with a major support at $1,680.
- A break below $1,680 could lead to prices around $1,600.
Ethereum has experienced a fresh decline, trading below the $1,750 mark and consolidating in this range. The cryptocurrency is currently positioned below its 100-hourly Simple Moving Average. A bearish trend line has emerged on the hourly chart, with resistance identified at the $1,750 level. Initial support is noted at $1,715, followed by a more significant support zone around $1,680. Should Ethereum break below this $1,680 level, further downward movement towards $1,600 is anticipated. Key resistance levels to watch on the upside include $1,800 and $1,880. The hourly MACD is showing increasing momentum in the bearish zone, and the RSI is below the 50 level.