Headline: Ethereum stalls after recovery above $1,620 — $1,700 now the key battleground
Ethereum rallied off lows near $1,520 and briefly climbed past the $1,620 mark, but the bounce has lost momentum as ETH struggles to clear stiff resistance around $1,700. On the hourly chart (Kraken feed), the token is consolidating below $1,680 and the 100‑hour Simple Moving Average after breaking a bullish trend line that had been supporting price near $1,685.
What happened
- The recovery started from the $1,520 area and pushed ETH above the 23.6% Fibonacci retracement of the drop from the $2,005 swing high to the $1,505 low.
- Sellers stepped in near $1,700, triggering a pullback and a break below the bullish trend line on the hourly chart.
- Currently, ETH trades under $1,680 and the 100‑hour SMA, signaling that buyers need to reassert control to extend the rebound.
Bull and bear scenarios
- Bull case: If bulls defend above $1,650, ETH could attempt another leg higher. Immediate resistance sits at $1,680, with $1,700 the first meaningful barrier. A decisive move above $1,750 (the 50% Fib of the $2,005→$1,505 drop) would open the way toward $1,800 — and potentially $1,840–$1,880 in the near term.
- Bear case: Failure to clear $1,700 could see downside pressure return. Initial support is near $1,650, with the first major floor at $1,620. A break below $1,620 would likely target $1,580 and then $1,550, while $1,500 remains the key structural support on a deeper pullback.
Technical snapshot (hourly)
- MACD: Gaining bearish momentum.
- RSI: Below the 50 midpoint, suggesting weak short‑term bullish conviction.
- Major support: $1,650 (immediate) / $1,620 (key)
- Major resistance: $1,700
What to watch
- Whether ETH can reclaim and hold above the 100‑hour SMA and $1,680/$1,700.
- A clear break below $1,620 for confirmation of a deeper correction.
Short-term traders will be watching these levels closely — a break one way or the other should set the tone for Ethereum’s next directional move.
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