Ethereum Faces Resistance Amid Downside Correction
- Ethereum price started a downside correction below the $1,650 zone.
- ETH is trading below $1,650 and the 100-hourly Simple Moving Average.
- A declining channel is forming with resistance at $1,640 on the hourly chart of ETH/USD.
- Immediate resistance levels are at $1,650 and $1,665, with major resistance at $1,680.
- The main support level is near $1,610 with further support at $1,590 and potentially down to $1,500.
Ethereum’s price correction continues as it struggles to maintain levels above key resistance points of $1,650 and $1,720. The current trading position below these levels indicates potential further declines unless bullish momentum increases significantly.
Key technical indicators show that Ethereum could face more downward pressure if it fails to break past the immediate resistance levels of $1,665 and subsequently $1,680. (Source)
