Ethereum failed to hold above $1,700 on Tuesday, turning lower from a $1,720 intraday high. The pullback accelerated after a break below a bullish trend line on the hourly chart, pushing ETH below $1,665 and under its 100-hourly simple moving average. The move erases most of the gains from last week's bounce off $1,505.
The $1,700 failure
For the past week, $1,700 acted as a pivot level. Bulls tried three times to reclaim it, but each attempt got sold into. Tuesday's high of $1,720 looked promising until the hourly close failed above $1,700. Then came the trend-line break — a clean slice through support that opened the path lower. As of late Tuesday, Ethereum trades around $1,635, down about 5% from the session's peak.
Key levels to watch
Immediate resistance is $1,665, then $1,680. A move back above $1,710 would be needed to salvage the bullish case. On the downside, $1,610 is the first floor — it saw some buying Tuesday afternoon. Below that, $1,585 is the next big test. That's the 61.8% Fibonacci retracement of the rally from $1,505 to $1,719. If that gives way, $1,550 and $1,520 come into play. The $1,500 area is the main support zone.
What could reverse the slide
Bulls are trying to defend $1,610. If they can hold that line and push back above $1,665, it might set up another run at $1,700. A clean break above $1,750 would change the picture entirely — that could fuel a push toward $1,840 or even $1,850. But for now, the lower timeframe bias is bearish. The next few hours will tell if buyers show up again or if $1,585 gets tested.
