Ethereum Price Consolidates Below $1,720: What Could Trigger Another Decline?

Jun 16, 2023 04:00 am Cryptocurrency 93

Ethereum price is still struggling below $1,720 against the US Dollar. ETH could continue to move down if it stays below $1,700 and $1,720.

Ethereum is slowly moving higher from the $1,620 support zone.

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 $1,720 on the hourly chart of ETH/USD (data feed via Kraken).

The pair could struggle to recover above the $1,700 and $1,720 resistance levels.

Ethereum Price Faces Uphill Task

Ethereum’s price remained in a bearish zone below the $1,720 resistance. ETH extended its decline below the $1,660 level, similar to Bitcoin.

There was a spike below the $1,630 support. The price tested the $1,620 zone. A low is formed near $1,620 and the price is now attempting a recovery wave. There was a move above the $1,640 and $1,650 levels. The bulls pushed the price toward the 50% Fib retracement level of th ..

Support the originator by clicking the read the rest link below.