Ethereum began a significant decline below the $1500 support level against the US dollar. After DOGE and FTT were dropped, ETH experienced an increase of selling.
- Ethereum experienced a significant decline below $1,550-$1,500 levels.
- The 100 hourly moving average and price are now below $1500.
- A major bearish trendline is emerging with resistance close to $1,570 in the hourly chart of Ethereum/USD (datafeed via Kraken).
- This pair has fallen by more than 7%, and it is possible that the price will fall below $1,420.
Ethereum Price Dives
Ethereum fell below the $1,600 mark and began a steep decline. BTC failed to hold the $1550 support and broke the 100 hourly simple moving mean.
Market crash caused by recent dramas and the decline of FTT/SOL. Selling pressure increased for Bitcoin, ripple and BNB. Ether prices fell more than 7 percent and the price of bitcoin declined below the Fib retracement levels at 76.4% for the major increase in value from $1.500 swing low to high.
Today, the price is trading at $1,500 below its 100-hourly simple moving average. The price is near the 1.236 Fib extension of the main rise from $1,500 low to $1,675 highest.
The $1,500 level is the nearest resistance. Near the $1,540 or recent breakdown zone is the next significant resistance. On the hourly chart for ETH/USD, there is a bearish trend line that forms with resistance at $1,570.
Source: TradingView.com ETHUSD
An increase of at least 5% could occur if we break the $1570 resistance. If the previous scenario is true, then the price might rise up to $1,620. The price could reach the $1.675 resistance zone with any additional gains.
Are There More Losses in Ethereum?
If the resistance of $1,500 is not broken, ethereum could move further down. Initial support for the downside lies near $1,460.
Price may drop below the $1420 level and this is where major support will be found. According to the above scenario, price may fall towards $1,350 in the immediate term.
Technical indicators
Hourly MACD – Now, the MACD of ETH/USD has gained momentum in the bearish area.
Hourly RSI – The current RSI level for USD/ETH is below 50.
Major Support Level – $1,460
Major Resistance Level – $1,540
