Ethereum Tests Support Near $1,610 Amid Pullback From $1,720 High
Ethereum fell below $1,650 on Thursday, retreating from a $1,720 swing high and testing the 50% Fibonacci retracement level near $1,610. Bulls defending support at that level could enable a retest of $1,680 and $1,720 resistance, though the pair remains below its 100-hourly moving average.
Key Takeaways
- 1## Current Price Action and Support Levels Ethereum declined to test support near $1,610 on Thursday, down from a $1,720 swing high reached earlier this week.
- 2The price has fallen below both the $1,650 level and the 100-hourly simple moving average, putting ETH at the 50% Fibonacci retracement of the rally from the $1,505 low.
- 3On-chain activity and hourly chart patterns show a declining channel forming with near-term resistance at $1,640.
- 4## Path to Recovery If bulls defend the $1,610 support level, Ethereum would face immediate resistance near $1,650, followed by $1,665 and $1,680.
- 5A clear break above $1,680 would open the path to retest $1,720, the prior swing high.
Current Price Action and Support Levels
Ethereum declined to test support near $1,610 on Thursday, down from a $1,720 swing high reached earlier this week. The price has fallen below both the $1,650 level and the 100-hourly simple moving average, putting ETH at the 50% Fibonacci retracement of the rally from the $1,505 low. On-chain activity and hourly chart patterns show a declining channel forming with near-term resistance at $1,640.
Path to Recovery
If bulls defend the $1,610 support level, Ethereum would face immediate resistance near $1,650, followed by $1,665 and $1,680. A clear break above $1,680 would open the path to retest $1,720, the prior swing high. An upside break above $1,720 could signal momentum toward $1,780, according to technical analysts tracking the pair on Kraken data feeds.
Downside Risk
Ethereum remains vulnerable to further losses if it fails to hold above $1,610. Traders watching the pair note that as long as ETH trades below the $1,720 zone, the broader uptrend remains contested. The 100-hourly moving average now acts as overhead resistance, requiring a close above that level to confirm renewed buying pressure.
Why It Matters
For Traders
Ethereum near $1,610 support presents a defined risk-reward setup with stops below and targets at $1,680–$1,720 resistance levels.
For Investors
Price action near key support offers a potential accumulation zone for longer-term holders, though broader market structure remains unconfirmed.
For Builders
No direct impact on protocol or infrastructure; this is pure technical market analysis with no on-chain or governance implications.
