TA: Ethereum Fails Near Key Resistance, Why $1,700 Is The Key

Ethereum struggled to clear the key $1,920 resistance against the US Dollar. ETH declined sharply and now testing the main $1,700 support zone. Ethereum failed to surpass the main $1,920 resistance zone. The price is now trading below $1,800 and the 100 hourly simple moving average. There was a break below a major bullish trend line with support near $1,800 on the hourly chart of ETH/USD (data feed via Kraken). The pair might decline heavily if there is a clear move below the $1,700 support zone. Ethereum Price Trims Gains Ethereum gained pace above the $1,850 resistance level to start a recovery wave. There was a steady move above the $1,880 level and the 100 hourly simple moving average. The price climbed above the 50% Fib retracement level of the key decline from the $2,015 swing high to $1,735 low. Ether price even moved above the $1,900 level, but the bears remained active near the main hurdle at $1,920. The price struggled above the $1,900 level. It faced sellers near the 61.8% Fib retracement level of the key decline from the $2,015 swing high to $1,735 low. As a result, there was a sharp decline below the $1,850 support. There was a break below a major bullish trend line with support near $1,800 on the hourly chart of ETH/USD. Ether price declined heavily and even broke the $1,750 support zone. Source: ETHUSD on TradingView.com It is now consolidating losses above the $1,700 support. On the upside, an initial resistanc...