Ethereum fell below $1,650 versus the US dollar. ETH must remain above the $1,550 support zone to avoid a sharp negative reversal. ETHEREUM began a significant negative correction and traded below the $1,650 barrier. The price currently trades below $1,650 and the 100 hourly simple moving average. On the hourly chart of ETH/USD, a connecting negative trend line is forming with resistance near $1,700.

To begin a new uptrend in the near term, the pair must remain above the $1,550 level of support. The price of Ethereum has dropped by more than 6%. Ethereum failed to maintain its price over $1,750 and $1,720. ETH reacted to the downside by falling below $1,700 and the 100 hourly simple moving average.

Similar to bitcoin, the price dropped by more than 5% and dropped below $1,600. It even dropped as low as $1,552 after testing the $1,550 support level. The price of ether has fallen under $1,650, the 100 hourly simple moving average. The bulls have pushed the price just above the 23.6% Fibonacci retracement level of the decline from the $1,789 swing high to the $1,552 low. On the upswing, the price is encountering resistance near $1,620.

The next significant resistance is located between $1,660 and $1,670. It is close to the 50% Fib retracement mark of the decline from the $1,789 swing high to the $1,552 low. A solid breach beyond $1,670 might push the price above $1,700.

On the hourly chart of ETH/USD, a connecting negative trend line is forming with resistance around $1,700 and the 100 hourly simple moving average. Any further advances might pave the way for a push towards the $1,780 resistance in the near future.

Ethereum (ETH/USD) Technical Outlook

If Ethereum fails to break through the $1,660 barrier level, it may continue to fall. On the downside, initial support is near $1,580.

The next significant support level is $1,550. A breach below the $1,550 support level could result in further losses. In the scenario above, the price of ether may fall to $1,500. Any further declines might drop the price to $1,440.