Ethereum price failed to recover above $1,820 and dropped below $1,650. ETH is now consolidating losses and might face resistance near the $1,675 zone.

• Ethereum failed to stay above the $1,650 and $1,620 levels.
• The price is trading below $1,650 and the 100-hourly Simple Moving Average.
• There was a break below a connecting bullish trend line with support at $1,775 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair remains at risk of more losses below the $1,550 support zone.

Ethereum Price Dips Further

Ethereum price failed to stay above the $1,800 support zone and extended losses, like Bitcoin. ETH declined heavily below the $1,750 and $1,700 levels.

There was a break below a connecting bullish trend line with support at $1,775 on the hourly chart of ETH/USD. The bears even pushed the price below the $1,600 level. A low was formed at $1,537 and the price recently corrected some losses.

There was a move above the $1,580 level. The price tested the 23.6% Fib retracement level of the downward move from the $1,815 swing high to the $1,537 low. However, the bears are active near the $1,600 zone. The price is now consolidating and facing many hurdles.

Ethereum price is now trading below $1,650 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $1,600 level.

The next key resistance is near the $1,675 level or the 50% Fib retracement level of the downward move from the $1,815 swing high to the $1,537 low. The first major resistance is near the $1,710 level. A clear move above the $1,710 resistance might send the price toward the $1,820 resistance.

An upside break above the $1,820 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $1,880 resistance zone or even $1,920 in the near term.

Another Decline In ETH?

If Ethereum fails to clear the $1,600 resistance, it could start another decline. Initial support on the downside is near the $1,550 level. The first major support sits near the $1,535 zone.

A clear move below the $1,535 support might push the price toward the $1,420 support. Any more losses might send the price toward the $1,400 support level in the near term. The next key support sits at $1,350.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 zone.

Major Support Level – $1,550

Major Resistance Level – $1,600

Solana (SOL) has faced significant price declines recently, falling below the $100 mark and reaching a 14-month low. 

This drop is attributed to broader market bearishness, largely driven by ongoing trade tensions and fears of a financial crisis, often likened to the 1987 “Black Monday.” Despite these challenges, there is potential for SOL to stabilize and recover in the near future.

Solana Investors Stand Strong

The number of active addresses on the Solana network has recently hit a 6-month low, with around 4.44 million addresses engaging on the platform. While the decline from January’s peak of 9 million addresses might seem concerning, it also indicates that investors are likely waiting for a strong recovery before being more active on the network. 

Despite the price downturn, Solana’s loyal investor base continues to hold their positions, signaling potential support that could prevent further price declines. Solana’s investors remain hopeful for a rebound, particularly given the network’s history of bouncing back after downturns. 

Looking at technical indicators, the Relative Strength Index (RSI) for Solana is currently sitting in the oversold zone, below the critical 30.0 mark. This suggests that the bearish momentum may be nearing its saturation point, with the potential for a reversal in the near future. Historically, when SOL has dipped into the oversold region, the price has rebounded.

The RSI reading suggests that the market may be poised for a short-term recovery if the broader market conditions stabilize. While the global financial climate remains uncertain, the RSI signals that Solana could be on the brink of a price rebound, provided the bearish forces start to subside.

SOL Price May Recover Soon

Solana’s price has dropped 20.8% during the intra-day trading session, reaching $97. The price fall below $100 marks a new low for the asset, driven by a surge in bearish sentiment across the market. As a result, many investors are watching closely to see if Solana can reclaim its previous support levels.

Despite the recent declines, Solana’s recovery potential remains strong. If the price manages to break above the $100 mark and hold it as support, the positive momentum could return. Investors are likely to capitalize on the current 14-month low, injecting new capital into the network and helping to stabilize the price.

However, if the broader market conditions fail to improve, Solana’s price may continue to struggle. A drop below the $90 support level would invalidate the bullish outlook and extend losses. As a result, SOL may face further downward pressure, especially if negative market trends persist.

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