Ethereum price consolidates below $1,720, what could trigger another decline?
The Ethereum price is facing difficulty in surpassing the $1,720 resistance level against the US Dollar. If it stays below $1,700 and $1,720, ETH could continue to decline. Ethereum is gradually increasing from the $1,620 support zone but it is trading below $1,700 and the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD, there is a significant bearish trend line forming with resistance near $1,720. The pair may struggle to recover above the $1,700 and $1,720 resistance levels. Ethereum’s price remained in a bearish zone below the $1,720 resistance. There was a drop below the $1,630 support and the price tested the $1,620 zone. However, the bulls pushed the price toward the 50% Fib retracement level of the downward move from the $1,748 swing high to the $1,620 low. Ether is still trading below $1,700 and the 100-hourly Simple Moving Average, with key resistance forming near $1,720. Immediate resistance is near the $1,700 level or the 100-hourly Simple Moving Average. A proper move above the $1,700 and $1,720 resistance levels may start a steady recovery wave. However, if Ethereum fails to clear the $1,700 resistance, it could start another decline. Initial support on the downside is near the $1,640 level and the next major support is near the $1,620 level. Technical indicators suggest that the MACD for ETH/USD is losing momentum in the bearish zone and the RSI for ETH/USD is now above the 50 level.