Ethereum price has started a downward correction below $1,665. ETH needs to clear the resistance levels at $1,650 and $1,720 to continue its rally.

• Ethereum has started a downward correction below the $1,650 zone.
• The price is trading below $1,650 and the 100-hour elementary moving average.
• A descending channel is forming on the hourly chart of ETH/USD (data via Kraken) with resistance at $1,640.
• The pair may continue to decline if it remains below the $1,720 zone.

Ethereum price maintains support

Ethereum price failed to stay above the $1,680 zone and continued its decline, much like Bitcoin. The ETH price gained momentum, moving below the $1,665 and $1,650 levels.

The price even tested the 50% Fib retracement level on an upward move from the low of $1,505 to the high of $1,720. However, bulls were dynamic near the $1,610 level. Additionally, a descending channel is forming on the hourly chart of ETH/USD with resistance at $1,640.

Ethereum price is currently trading below $1,650 and the 100-hour elementary moving average. If the bulls keep the action above $1,610, the price may be tempted to move higher again.

Immediate resistance is seen near the $1,650 level. The first key resistance is near the $1,665 level. The next major resistance is near the $1,680 level. A clear move above the resistance at $1,680 could push the price towards the resistance at $1,720. An upward break above the $1,720 area could trigger further gains in the coming days. In the given case, Ether may rise towards the resistance zone at $1,780 or even $1,800 in the near future.

Continued declines on ETH?

If Ethereum fails to break the resistance at $1,650, a fresh decline could begin. Initial downside support is near the $1,610 level. The first major support is located near the $1,590 zone or the 61.8% Fib retracement level, representing an upward move from the low of $1,505 to the high of $1,720.

A clear move below the $1,590 support could push the price towards the $1,550 support. Any further losses could push the price towards the $1,520 region. The main support can be $1,500.

Technical indicators

Hourly MACD – MACD for ETH/USD is losing momentum in the bear zone.

Hourly RSI – The RSI for ETH/USD is currently above the 50 zone.

Main support level – USD 1,610

Major resistance level – $1,665