Ethereum Faces Rejection Yet Again, Can Bulls Protect This Key Support?

2023-09-01 05:10:58

Ethereum price failed to reclaim $1,750 and trimmed all gains against the US Dollar. ETH could accelerate lower if it breaks the $1,630 support.

Ethereum started a fresh decline below the $1,700 level.
The price is trading below $1,700 and the 100-hourly Simple Moving Average.
There is a key bearish trend line forming with resistance near $1,690 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could extend its decline if there is a close below the $1,630 support.

Ethereum Price Trimmed Gains

Ethereum’s price failed to settle above the $1,700 level. ETH started a fresh decline and gained bearish momentum below the $1,700 level, like Bitcoin.

There was a clear move below the $1,665 level and the price spiked below the $1,640 level. It tested the $1,630 support and is currently consolidating losses. Ether is now trading below $1,700 and the 100-hourly Simple Moving Average.

Besides, there is a key bearish trend line forming with resistance near $1,690 on the hourly chart of ETH/USD. On the upside, the price might face resistance near the $1,660 level and the 23.6% Fib retracement level of the recent decline from the $1,747 swing high to the $1,630 low.

The next resistance is near the $1,680 level. The main resistance is now forming near the trend line and $1,700. It is close to the 50% Fib retracement level of the recent decline from the $1,747 swing high to the $1,630 low.

Source: ETHUSD on TradingView.com

A close above the $1,700 level might send the price toward the $1,750 zone. If there is a clear move above $1,750, Ethereum could climb toward the $1,800 resistance. Any more gains might send the price toward the $1,850 resistance.

More Losses in ETH?

If Ethereum fails to clear the $1,700 resistance, it could continue to move down. Initial support on the downside is near the $1,640 level.

The first key support is close to $1,630. The next major support is near the $1,600 level. If there is a downside break below $1,600, the price could extend its decline toward the $1,540 level. Any more losses might send the price toward the $1,480 level in the near term.

Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is now below the 50 level.

Major Support Level – $1,630

Major Resistance Level – $1,700

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