Ethereum started a recovery wave above the $1,620 zone this week, but the bounce is already running into trouble. The second-largest cryptocurrency is struggling to push through the $1,700 resistance, and a key trendline breakdown on the hourly chart suggests the path of least resistance is lower for now.
Recovery stalls at $1,700
After touching a low near $1,505, ETH climbed back above $1,620 and briefly tested the $1,680 area. The move looked promising, but it couldn't sustain momentum. Right now Ethereum is trading below $1,680 and the 100-hourly Simple Moving Average — a technical level that often acts as dynamic resistance in short-term trends.
A bullish trend line with support at $1,685 was broken on the hourly chart. That break is a red flag for bulls. If the price stays below the $1,700 zone, a fresh decline could unfold. The market isn't tipping over, but it's also not convincing anyone that the worst is over.
Key levels on both sides
The immediate resistance sits at $1,680. The first real hurdle is still $1,700. Above that, the next major resistance is $1,750 — which also happens to be the 50% Fibonacci retracement level of the drop from the $2,005 high to the $1,505 low. If Ethereum can break through $1,750 with volume, the next targets are $1,800, then $1,840 and $1,880.
On the downside, support is layered: $1,650 first, then $1,620, $1,580, $1,550, and the main floor at $1,500. A break below $1,500 would call the entire recovery into question.
Technical indicators turn cautious
The hourly MACD is gaining momentum in the bearish zone, and the hourly RSI is below the 50 mark. Both point to fading buying pressure. That doesn't guarantee a selloff, but it does mean the burden of proof is on the bulls to reclaim $1,700 soon or risk another leg down.
The next 24 to 48 hours are likely to be decisive. If Ethereum can't break $1,700 by midweek, expect traders to start eyeing the $1,580-1,620 range for a retest.
