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Ethereum Price Drops 5% and Struggles to Recover Above Key Resistance Levels

The price of Ethereum is currently displaying bearish signals below $1,700 against the US Dollar, and may continue to decline below the $1,600 level. The bears are facing resistance near a key bearish trend line with resistance near $1,740 on the hourly chart of ETH/USD.

If Ethereum fails to clear the $1,700 resistance, it could continue to move down towards the $1,600 and $1,550 support levels. The MACD for ETH/USD is gaining momentum in the bearish zone, while the RSI for ETH/USD is now below the 50 level. The next major support level is near $1,600, while the major resistance level is at $1,700.

Ethereum Ethereum $3,374.80
-2.75%
Ethereum
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