Ethereum Price Struggles to Rebound—Key Hurdles In The Way

Ethereum's price experienced a fresh decline, falling below $1,650 after struggling to break above $1,700. The price is currently trading below $1,600 and the 100-hourly Simple Moving Average, indicating bearish pressure. A new bearish trend line with resistance at $1,600 is forming on the hourly chart. The cryptocurrency found support around $1,538 and is attempting a minor correction. Resistance is present near the $1,600 and $1,615 levels. A break above $1,650 could initiate an upward movement, potentially reaching $1,690. If the price fails to overcome the $1,600 resistance, further decline is probable. Initial support levels are at $1,560 and the crucial $1,535 zone, a break below which might lead to further losses. The hourly MACD is losing bearish momentum, and the RSI is above 50, indicating a potential shift in momentum.