Ethereum risks falling to $ 1420

The price of Ethereum ETH $1,799.01 Bridged Ether (StarkGate) 8.87% Market capitalization $0.16 billion VOL. 24 hours $2.24 billion has lost momentum again — the cryptocurrency failed to stay above $ 1,650 and is currently consolidating below $ 1,600. Nevertheless, analysts point to the potential for renewed growth if the key resistance level of $ 1,620 is overcome.

After a brief rise to $ 1,655, the ETH price came under pressure from sellers. There was a drop below $ 1,600 and a breakdown of the short-term triangle on the chart, which led to a decline to $ 1,564. Currently, the price is trading within the 23.6% retracement level of the fall from $ 1,655 to $ 1,564, showing signs of stabilization.

The main obstacles to growth are now at $ 1,600 and $ 1,610. The level of $ 1,620 is important, and overcoming it could open the way for further growth — first to $ 1,650, and then, possibly, to $ 1,720 or even $ 1,800. However, for this scenario to materialize, the market must overcome technical pressure and regain buyer confidence.

On the other hand, if it fails to break through $ 1,620, Ethereum may go down again. The nearest support is at $ 1,565, and the critical threshold is the $ 1,550 area. If this level is broken, the price could fall to $ 1,500 or even $ 1,450 in the short term. The next important support is at $ 1,420.

Technical analysis indicators confirm the pressure on the price: The MACD is strengthening the bearish momentum, and the RSI is below 50. This indicates the advantage of sellers at this stage. Nevertheless, the overall market structure remains potentially positive if support remains above $ 1,550.