Ethereum price started a fresh decline from the $1,690 zone. ETH is now consolidating and might decline further below the $1,580 support zone.

• Ethereum started a fresh decline after it failed to clear $1,700 and $1,720.
• The price is trading below $1,620 and the 100-hourly Simple Moving Average.
• There was a break below a new connecting bullish trend line with support at $1,625 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could start a fresh increase if it clears the $1,640 resistance zone.

Ethereum Price Faces Rejection

Ethereum price formed a base above $1,550 and started a fresh increase, like Bitcoin. ETH gained pace for a move above the $1,600 and $1,620 resistance levels.

The bulls even pumped the price above the $1,650 zone. A high was formed at $1,690 and the price recently corrected gains. There was a move below the $1,640 support zone. Besides, there was a break below a new connecting bullish trend line with support at $1,625 on the hourly chart of ETH/USD.

The price tested the 50% Fib retracement level of the upward move from the $1,472 swing low to the $1,690 high. Ethereum price is now trading below $1,625 and the 100-hourly Simple Moving Average.

On the upside, the price seems to be facing hurdles near the $1,620 level. The next key resistance is near the $1,640 level. The first major resistance is near the $1,650 level. A clear move above the $1,650 resistance might send the price toward the $1,690 resistance.

An upside break above the $1,690 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $1,750 resistance zone or even $1,800 in the near term.

More Losses In ETH?

If Ethereum fails to clear the $1,640 resistance, it could start another decline. Initial support on the downside is near the $1,580 level. The first major support sits near the $1,555 zone and the 61.8% Fib retracement level of the upward move from the $1,472 swing low to the $1,690 high.

A clear move below the $1,555 support might push the price toward the $1,525 support. Any more losses might send the price toward the $1,450 support level in the near term. The next key support sits at $1,420.

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 – $1,580

Major Resistance Level – $1,640

Semler Scientific (SMLR), a US-based medical technology company, has revealed plans to acquire more Bitcoin (BTC) despite facing a 5.0% unrealized loss on its previous BTC investments. 

The firm has filed a Form S-3 registration with the US Securities and Exchange Commission (SEC) to raise up to $500 million through a securities offering. The proceeds would be allocated for general corporate purposes, including expanding its Bitcoin portfolio.

Semler Scientific Files S-3 to Fund Bitcoin Investments

According to the official filing, the firm plans to issue common stock, preferred stock, debt securities, and warrants as part of the securities offering. The SEC filing does not specify the exact amount allocated for Bitcoin purchases. Nonetheless, Semler’s recent activity suggests a strong focus on cryptocurrency.

“We have not determined the amount of net proceeds to be used specifically for such purposes. As a result, management will retain broad discretion over the allocation of the net proceeds of any offering,” the filing read.

This move follows Semler’s previous acquisition of 871 BTC for $88.5 million at an average price of $101,616 per Bitcoin. The purchases were made between January 11 and February 3. 

The acquisition increased Semler’s total Bitcoin holdings to 3,192 BTC. The holdings worth $266.1 million represent 80.6% of the company’s total market capitalization of 330.1 million. This indicates that a significant portion of its value is tied to its Bitcoin investments.

“From January 1, 2025, to February 3, 2025, Semler Scientific’s BTC Yield was 21.9%. From July 1, 2024 (the first full quarter after Semler Scientific adopted its bitcoin treasury strategy) to February 3, 2025, Semler Scientific’s BTC Yield was 152.2%,” the firm revealed.

However, the tides have shifted since then. According to Bitcoin Treasuries, Semler’s average BTC acquisition cost is $87,850 per coin. As of the latest data from BeInCrypto, Bitcoin’s market price stood at $83,397, placing Semler at a 5.0% loss on its investment. 

Previously, BeInCrypto noted that the losses surged to 14.7% as BTC fell below the $80,000 mark. Despite this, Semler’s leadership appears committed to its Bitcoin strategy, viewing the cryptocurrency as a long-term store of value.

Semler’s strategic push into Bitcoin mirrors those of other firms, such as Strategy (formerly MicroStrategy) and Metaplanet. Earlier this week, the firms acquired BTC worth $285 million and $26.3 million, respectively. 

However, Semler’s decision to double down on Bitcoin comes amid financial and legal challenges. On April 15, the company announced a preliminary $29.75 million settlement with the US Department of Justice (DOJ) to resolve allegations of violating federal anti-fraud laws related to marketing its QuantaFlo product.

The settlement is pending final approval. Yet, it adds pressure to Semler’s balance sheet as it navigates its ambitious fundraising and Bitcoin investment plans.