Ethereum Price Saw Key Technical Correction, But 100 SMA Is Still Strong

Ethereum price is attempting a recovery wave above the $1,620 level against the US Dollar.

ETH could start a fresh decline if it stays below the 100 hourly SMA.Ethereum is struggling to recover above the $1,690 and $1,700 levels.

The price is trading below $1,700 and the 100-hourly Simple Moving Average.There was a break above a connecting bearish trend line with resistance near $1,670 on the hourly chart of ETH/USD (data feed via Kraken).

The pair could resume its decline if it stays below the $1,700 level in the near term.Ethereum Price Faces HurdlesEthereum’s price declined heavily below the $1,700 level. ETH tested the $1,520 zone and recently started a decent recovery wave, similar to Bitcoin.

There was a move above the $1,550 and $1,600 levels. The price climbed above the 50% Fib retracement level of the downward move from the $1,825 swing high to the $1,518 low.

Besides, there was a break above a connecting bearish trend line with resistance near $1,670 on the hourly chart of ETH/USD.

However, the bears are still active below the $1,680 level.

Ether is also trading below $1,700 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $1,690 level.

The next resistance is near $1,700 or the 100-hourly Simple Moving Average.

The 61.8% Fib retracement level of the downward move from the $1,825 swing high to the $1,518 low is also near the $1,700 zone.

A close above the $1,700 level could start a decent increase in the near term.

The next major resistance is near the $1,750 level.

Any more gains might send the price toward the $1,820 resistance, above which the price could rise toward the $1,880 zone.Fresh Decline in ETH?If Ethereum fails to clear the $1,700 resistance, it could continue to move down.

Initial support on the downside is near the $1,640 level.The first major support is near the $1,600 zone.

If the bulls fail to protect the $1,600 support, there could be more losses.

The next major support is near the $1,550 support level.

Any more losses might send the price toward the $1,520 level in the near term.

Technical IndicatorsHourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now near the 50 level.

Major Support Level – $1,600Major Resistance Level – $1,700