Ethereum Fights to Surpass $1,700
Recently, Ethereum suffered a setback when it was unable to overcome the $1,700 barrier against the US dollar. The $1,600 support level is being tested once again by the price, and if it is breached, additional declines may follow.
Analysis on Ethereum Price Movement
Similar to how bitcoin tried to hit $23,500, Ethereum also tried to get above $1,700. The attempt, however, was unsuccessful, and ETH underwent a new downward trend.
Price fell to as low as $1,610 before hitting the crucial $1,600 support again. It also fell below the support levels of $1,660 and $1,650. The price is currently trading below both the 100 hourly moving average and $1,650.
The price is just below the 23.6% Fibonacci retracement level of the slide from the swing high of $1,698 to the low of $1,610.
If Ethereum breaks over the $1,650 barrier, there is possibility for a new surge with a rise towards the $1,700 resistance and perhaps even the $1,800 resistance.
Ethereum Risks and Drawbacks
However, Ethereum can keep falling if it is unable to overcome the $1,650 resistance. The area around $1,610 provides the first level of support on the downside, and $1,600 provides the next significant level. If $1,600 is broken, there might be a sharp slide into the $1,550 support.