Ethereum Price Crashes Below $1,500, Why FTT and BNB Sparked Downtrend

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.

Ethereum Price

Source: 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 MACDNow, the MACD of ETH/USD has gained momentum in the bearish area.

Hourly RSIThe current RSI level for USD/ETH is below 50.

Major Support Level – $1,460

Major Resistance Level – $1,540

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