Ethereum price resumed its decline after failing to hold above the $1,700 key level, mirroring Bitcoin’s recent move lower.
Failed Recovery Above $1,700
Ethereum attempted to push higher from its recent lows, but the price struggled to stay above $1,700. This resistance turned into a barrier. The bears took control and pushed ETH below $1,680 and then $1,665.
On the hourly chart, a bullish trend line at $1,700 was broken. This technical breakdown signaled a possible shift in momentum. At the same time, the price slipped below the 38.2% Fibonacci retracement level, which was calculated from the $1,505 swing low to the $1,719 high. That retracement level is often seen as a first line of defense for bulls.
Bulls Defend $1,610 Level
But it’s not all doom and gloom. Buyers stepped in near the $1,610 mark. That area appears to be a short-term support floor. For now, Ethereum is trading below $1,680 and also under the 100-hour simple moving average. These are not great signs for the bulls, but the price remains above $1,610.
If buyers continue to defend $1,610, another attempt at recovery is possible. The immediate resistance to watch is near $1,665. After that, $1,680 is the first real hurdle. Then comes $1,710. A clean break above $1,710 could open the door to $1,750. Beyond that, $1,840 or even $1,850 might become targets in the coming days.
Downside Risks Remain
On the flip side, if Ethereum fails to clear $1,710, a fresh decline could begin. The next support is around $1,610. If that level breaks, $1,585 becomes the first major support. That area also coincides with the 61.8% Fibonacci retracement level.
A drop below $1,585 could push the price toward $1,550. More losses might send ETH toward the $1,520 region. The ultimate support that many traders are watching is $1,500.
Technical Indicators Send Bearish Signals
The hourly MACD is showing increasing momentum in the bearish zone. That suggests selling pressure is building. The hourly RSI is currently below the 50 level, which indicates weakness.
The key support level to watch is $1,550, while the major resistance stands at $1,710. Until Ethereum can reclaim and hold above $1,700, the outlook remains cautious.
