Ethereum (ETH) is back under pressure, with the price once again dipping below key resistance zones. After failing to break the $1,700 barrier, the second-largest cryptocurrency by market cap is now consolidating under $1,620, signaling uncertainty among traders.
According to live data from Kraken, Ethereum began a downward move from the $1,690 zone, unable to sustain bullish momentum. A connecting bullish trend line with support near $1,625 was broken on the hourly chart, increasing the likelihood of further short-term declines.
ETH Faces Key Resistance at $1,640
At the time of writing, Ethereum is trading below both the $1,620 level and the 100-hourly Simple Moving Average, showing signs of bearish control. The immediate resistance lies at $1,640, followed by a more substantial barrier at $1,650.
If bulls manage to push ETH above $1,650, we could see a retest of the $1,690 zone. A clean breakout beyond this resistance might open the door for further gains toward $1,750 or even $1,800, according to current technical analysis.
Downside Risk if Rejection Continues
However, if Ethereum fails to reclaim the $1,640 resistance, it may resume its decline. The initial support lies near $1,580, with the next significant level at $1,555 — aligning with the 61.8% Fibonacci retracement of the recent upward move from $1,472 to $1,690.
Breaking below this level could push ETH toward $1,525, and possibly down to $1,450 or $1,420 in the near term if sellers continue to dominate.
Market Indicators Point to Bearish Momentum
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The MACD (Moving Average Convergence Divergence) for ETH/USD is gaining strength in the bearish zone.
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The Hourly RSI (Relative Strength Index) is currently below 50, indicating selling pressure.
Despite recent declines, Ethereum has shown resilience near key levels, and many traders see dips like these as buy-the-dip opportunities, especially in long-term bullish markets. But in the short term, much depends on whether bulls can regain ground above $1,640.
Key Levels to Watch:
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Major Resistance: $1,640, $1,650, $1,690
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Major Support: $1,580, $1,555, $1,525
As Ethereum trades in a tight range, the next few sessions could determine whether ETH enters a deeper correction or stages a strong comeback.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are volatile and risky. Always conduct your research before making any investment decisions.
