Ethereum fell below $1700, causing a significant decline in its value against the US Dollar. ETH lost more than 7%. It also fell below the $1540 support.
- Ethereum experienced a significant decline below $1,600 and $1.540 support levels.
- The 100-hourly simple moving average and price are now below $1600.
- The hourly chart for ETH/USD showed a break below the major bullish trendline with support at $1,570 (data feed via Kraken).
- For the short term, it is important that the pair does not fall below the $1500 support.
Ethereum trimmed gains
Ethereum rose above $1,620 resistance and $1,650 support levels. ETH did not test the $1700 resistance level. The $1,686 threshold was the high point and the market experienced a bearish trend, much like bitcoin.
The $1620 and $1600 support levels were broken below by the price. On the hourly chart, ETH/USD saw a dip below a bullish trend line. Support was near $1570. Even breaking the $1,540 level of support and the simple 100-hour moving average, the pair also broke.
The Ether price jumped below $1,500 and reached a new low at $1,490. The Ether price is consolidating its losses above $1,500. The $1,520 level is the immediate resistance.
Near the $1,540 mark is the next significant resistance. This is close to the 23.6% Fib level of the decline from $1,686 swing highs to $1,490 bottoms. The price could move towards $1,565 if it moves clear above $1,540.
Source: TradingView.com ETHUSD
It is located near $1,585 as the next major resistance. The Fib retracement of the recent fall from $1,686 swing high, to $1.490 low, is at 50%. In the short term, any further gains could open up the possibility of a push towards $1620 resistance.
Are There More Losses in Ethereum?
The $1,540 resistance could be broken and ethereum may continue its downward slide. The $1,500 area is the initial support for the downside.
Near $1,480 is the next support. If the price drops below $1,480, it could push towards $1,420. A further loss could push the price to the $1,350 area.
Technical indicators
Minutely MACD – Now, the MACD of ETH/USD has gained momentum in the bearish area.
Hourly RSI – The RSI of ETH/USD has fallen below the 40 level.
Major Support Level – $1,500
Major Resistance Level – $1,540