Ethereum’s price has started a downside correction, slipping below $1,665 and now trading under $1,650. The drop pushed ETH past the 100-hourly Simple Moving Average, though bulls stepped in near the $1,610 level to stem the slide. A declining channel on the hourly chart now caps any recovery at $1,640, and a clear break above that channel resistance is needed for the uptrend to resume.
Resistance levels to watch
The first hurdle sits at $1,650. Above that, the next major barrier is $1,665 — the level where the correction began. If buyers can push through, $1,680 comes into play, and a sustained move above $1,720 could open the door to $1,780 or even $1,800. That’s not the base case right now. The channel pattern suggests sellers are in control until ETH clears $1,640 intraday.
Where support lies
Initial support is solid at $1,610, where buying interest appeared. If that gives way, the 61.8% Fibonacci retracement level at $1,590 becomes the next line of defense. A deeper drop could target $1,550, then $1,520, and eventually $1,500. The $1,590 fib level is key — it’s where a prior rally retraced into, and bulls have held it in earlier sessions.
