Ethereum declined sharply from the $1,655 resistance zone against the US Dollar. ETH is struggling and remains at a risk of more losses below the $1,450 level. Ethereum started a fresh decline after it failed to clear the $1,650 resistance zone. The price is now trading below $1,550 and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $1,610 on the hourly chart of ETH/USD (data feed via Kraken). The pair could accelerate further lower below the $1,450 support zone in the near term. Ethereum Price Starts Fresh Decline Ethereum failed to gain strength for a move above the $1,650 and $1,660 resistance levels. ETH formed a top near the $1,653 level and started a fresh decline. There was a steady decline below the $1,600 level and the 100 hourly simple moving average. The price even traded below the $1,550 and $1,520 support levels. There was a drop over around 10% and the price traded as low as $1,453. Ether price is now consolidating losses above the $1,450 level and below the 100 hourly simple moving average. On the upside, the price is facing resistance near the $1,500 level. It is near the 23.6% Fib retracement level of the recent decline from the $1,653 swing high to $1,453 low. The next major resistance is near the $1,550 and $1,560 levels. It is near the 50% Fib retracement level of the recent decline from the $1,653 swing high to $1,453 low. Source: ETHUSD on TradingVie...
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