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    Why Ethereum Could Decline Heavily If It Breaks $1,700

    Ethereum is started a major decline from well above $1,850 against the US Dollar. ETH price is trading near the key $1,700 support, below which it could decline heavily.
    Ethereum declined further below the $1,800 and $1,750 support levels.
    The price is now trading well below $1,800 and the 100 hourly simple moving average.
    There is a major bearish trend line forming with resistance near $1,820 on the hourly chart of ETH/USD (data feed via Kraken).
    The pair could decline heavily if it fails to stay above $1,710 and $1,700.
    Ethereum Price is Holding Key Support
    Ethereum failed to move back above the $1,850 level and extended its decline, similar to bitcoin. ETH broke the $1,800 support zone to move further into a bearish zone.
    The price even broke the $1,750 support and settled well below the 100 hourly simple moving average. However, the bulls are now protecting the main $1,700 support zone. A low is formed near $1,712 and ether is now consolidating losses.
    An initial resistance on the upside is near the $1,765 level. It is near the 23.6% Fib retracement level of the downward move from the $1,944 high to $1,712 low.

    Source: ETHUSD on TradingView.com
    On the upside, the first key resistance is forming near the $1,800 level and the 100 hourly simple moving average. There is also a major bearish trend line forming with resistance near $1,820 on the hourly chart of ETH/USD. The trend line is close to the 50% Fib retracement level of the downward move from the $1,944 high to $1,712 low.
    To move into a positive zone, ether price must clear the trend line resistance and $1,800. A close above $1,800 and the 100 hourly SMA could start a steady increase.
    More Losses in ETH?
    If Ethereum fails to correct higher above the $1,765 and $1,800 resistance levels, it could correct further lower. The first key support is near the $1,710 level.
    The main support is now forming near the $1,700 level. If there is a downside break below the $1,700 support, there is a risk of a nasty decline. In the stated case, ether price might dive towards $1,600 or even $1,550.
    Technical Indicators
    Hourly MACD – The MACD for ETH/USD is slowly losing pace in the bearish zone.
    Hourly RSI – The RSI for ETH/USD is now well below the 50 level.
    Major Support Level – $1,700
    Major Resistance Level – $1,800

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