Ethereum Drops 10% Below $1,620, Faces Resistance at $1,615

Ethereum's price has recently experienced a decline, falling below the $1,620 and $1,600 levels. The cryptocurrency is currently consolidating and attempting to recover above the $1,620 resistance. Despite a brief spike below $1,550, Ethereum formed a low at $1,538 and has since initiated a recovery wave, moving above the $1,580 level and the 23.6% Fib retracement level of the downward move from the $1,690 swing high to the $1,538 low.

Ethereum's price is now trading below $1,620 and the 100-hourly Simple Moving Average. On the upside, the price faces hurdles near the $1,600 level, with the next key resistance at $1,615 or the 50% Fib retracement level of the downward move from the $1,690 swing high to the $1,538 low. The first major resistance is near the $1,655 level. A clear move above the $1,655 resistance might send the price toward the $1,700 resistance, with potential gains extending to the $1,750 resistance zone or even $1,800 in the near term.

However, if Ethereum fails to clear the $1,615 resistance, it could start another decline. Initial support on the downside is near the $1,575 level, with the first major support sitting near the $1,540 zone. A clear move below the $1,540 support might push the price toward the $1,480 support, with any more losses potentially sending the price toward the $1,420 support level in the near term. The next key support sits at $1,400.

Technical indicators suggest that the MACD for ETH/USD is losing momentum in the bearish zone, while the RSI for ETH/USD is now below the 50 zone. Major support and resistance levels are at $1,540 and $1,655, respectively. Traders are closely watching these key levels as Ethereum fights for momentum and attempts to regain its footing in the market.