Ethereum dropped sharply below the $1,655 resistance area against the US Dollar. ETH continues to struggle and is at risk of further losses below $1,450.
- Ethereum experienced a new downturn after failing to surpass the $1650 resistance zone.
- The current price trades below $1,550.
- On the hourly chart for ETH/USD, there is a significant bearish trend line with resistance at $1610 (data feed via Kraken).
- It is possible that the pair will accelerate lower than the $1,450 support area in the immediate future.
New Decline in Ethereum’s Price
Ethereum did not gain enough strength to move beyond the $1650 or $1660 resistance levels. ETH hit a peak near the $1653 level, and then began a decline.
A steady fall below the $1600 level, and the 100 hourly simple movement average was observed. It even fell below the $1550 and $1520 support levels. The price dropped by around 10%, and traded as low at $1,453.
The Ether price has been consolidating its losses at the $1,450 and 100 hourly simple moving mean levels. Surprisingly, resistance is near the $1500 level. It’s near 23.6% Fib level of recent decline from $1.653 swing high and $1.453 low.
It is located near $1,550 or $1,560 as the next major resistance. This is close to the 50% Fib Retracement level for the decline from $1,653 high to $1,453 low.
Source: TradingView.com ETHUSD
The price could reach $1,600 if it breaks above $1,560. The hourly chart of Ethereum/USD shows a bearish trendline with resistance close to $1,610. If there are more gains, it may open up to a possible move toward the $1,650 resistance.
Are There More Losses in Ethereum?
The $1,500 resistance could be broken and ethereum may continue its downward slide. Initial support is located near $1,450.
Close to $1,420 will be the next significant support. The downside breakout below the $1420 level could lead to a sharp fall. The above scenario could lead to a decline in ether prices towards $1,350.
Technical indicators
Hourly MACD – In the bearish zone, momentum is being gained by MACD for USD/ETH.
Hourly RSI – The current RSI level for USD/ETH is below 50.
Major Support Level – $1,450
Major Resistance Level – $1,550