MarketPR
Ethereum ($ETH) cracked a bullish trend line that had been holding near $1,700 on the hourly chart, extending a retreat from the $1,720 area and dragging the token below both $1,665 and its 100-hourly Simple Moving Average.
The hourly MACD is building momentum in the bearish zone and the RSI has dropped beneath the 50 level, leaving bulls with limited technical cover.
Whether buyers can defend $1,610 — the level where demand briefly materialized — will determine whether this is a shake-out or the start of a more serious leg down.
How the Breakdown Developed The move lower followed a failed attempt to hold above $1,700.
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