Ah, Ethereum, the cryptocurrency that seems to have taken a nosedive faster than my self-esteem after a bad haircut. Currently, it’s floundering below the $1,650 mark, and if it keeps this up, it might just slip below the $1,550 support zone. Someone call a lifeguard! 🏊♂️
- Ethereum has officially started its fresh decline, dipping below both the $1,650 and $1,620 levels. It’s like watching a sad puppy trying to climb a staircase.
- Right now, it’s trading below $1,600 and the 100-hourly Simple Moving Average, which sounds fancy but really just means it’s not doing well.
- There’s a new bearish trend line forming, with resistance at $1,600. It’s like a bouncer at a club saying, “Sorry, you can’t come in!”
- If Ethereum can somehow muster the strength to clear the $1,655 resistance zone, we might see a fresh increase. But let’s be real, it’s like asking a cat to take a bath.
Ethereum Price Faces Resistance
Ethereum’s price is struggling to rise above $1,700, much like I struggle to rise before noon on weekends. It has dipped below the $1,620 and $1,600 support levels, and even had a dramatic spike below $1,550. Talk about a rollercoaster ride! 🎢
It hit a low of $1,538, and now it’s trying to correct some of those losses. It managed to climb above the $1,565 level, which is like finding a dollar in your old coat pocket—exciting but not life-changing.
Currently, Ethereum is still below $1,600 and the 100-hourly Simple Moving Average. On the upside, it’s facing hurdles near the $1,600 level. It’s like trying to run a marathon with a rock in your shoe.
The next key resistance is around the $1,615 level, or the 50% Fib retracement level of the downward move from the $1,690 swing high to the $1,538 low. If it can break through the $1,650 resistance, we might see it head towards $1,690. But let’s not hold our breath! 😅
If it manages to break above the $1,690 resistance, we could be in for a wild ride towards the $1,750 or even $1,800 mark. But until then, it’s like waiting for a bus that never comes.
Another Decline In ETH?
If Ethereum can’t clear the $1,600 resistance, we might be looking at another decline. Initial support is near the $1,560 level, and the first major support sits at $1,535. It’s like watching a slow-motion train wreck.
A clear move below the $1,535 support could push the price down to $1,500. And if it keeps this up, we might be looking at $1,420 in the near term. The next key support is at $1,400. Buckle up, folks!
Technical Indicators:
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone. It’s like trying to run a marathon with a rock in your shoe.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone. So, there’s that!
Major Support Level – $1,535
Major Resistance Level – $1,650
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2025-04-17 06:24