Ethereum Struggles Below $1,700, Why ETH Could Accelerate Losses

[Micky]

Ethereum is struggling to recover above the $1,710 and $1,750 resistance levels against the US Dollar. ETH price is likely to continue lower if it fails to stay above the $1,650 support level.

Ethereum is showing a few bearish signs below the $1,750 and $1,710 resistance levels.
The price is currently trading well below $1,750 and the 100 hourly simple moving average.
There is a key bearish trend line forming with resistance near $1,740 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could correct higher, but it is likely to face a strong selling interest near $1,710 and $1,750.
Ethereum Price Remains At Risk
Ethereum tested the $1,650 support zone and started an upside correction. It climbed above the $1,700 level, but it struggled to even test $1,750. A high is formed near $1,720 before the price started a fresh decline.

It broke the $1,700 level and retested the $1,660 support. Ether is now trading well below $1,750 and the 100 hourly simple moving average. A low is formed near $1,650 and the price is currently consolidating losses, similar to bitcoin.

TA: Ethereum Struggles Below $1,700, Why ETH Could Accelerate Losses
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