Ethereum lost more than $1,400 against the US Dollar. ETH may consolidate and recover if it is clear that the resistance is above $1340.
- Ethereum began a dramatic decline below the $1.400 and $1.350 levels.
- The 100-hourly simple moving average and price are now below $1,400.
- On the hourly chart for ETH/USD, there is a bearish trendline that forms with resistance at $1,320 (data feed via Kraken).
- This pair has fallen more than 10%, and it is consolidating losses of $1,300.
Ethereum Prices Drop to 10%
Ethereum experienced a sharp decline after it reached $1,550. ETH fell below the $1,500 support and 100-hourly simple moving average. Markets fell due to the recent drop in FTT, SOL and bitcoin.
The support level of $1,400 was the lowest price for Ether. It fell heavily. The price fell below the $1.350 mark even though the bears managed to move it. It traded at $1,221 but recently corrected some. A move was seen above the $1250 and $1300 levels.
Today, the price traded below $1.400 as well as the 100-hourly simple moving average. It has been consolidating close to the 23.6% Fib Retracement level, which is the result of recent falls from $1,580 swing low to $1,221 high.
Near the $1,320 mark is an immediate support on the upside. A key bearish trendline is also visible on the hourly chart. It points to resistance around $1,320. Near the $1,340 mark is the next significant resistance. An obvious break of the $1,340 resistance may set the stage for an increase.
Source: TradingView.com ETHUSD
The price of the above mentioned case could reach $1,400. The price is close to the Fib retracement of 50% the decline in value from $1,580 high to $1,221 lowest. If the gains continue, the price might reach the $1500 resistance zone.
What Are the Losses of ETH More?
The $1,340 resistance could be broken and ethereum may continue its downward slide. The $1,275 level is the initial support.
Near the $1,220 support level is the next significant support. Below which price could potentially extend losses. According to the above scenario, price may fall towards $1,100 support in the immediate term.
Technical Indicators
Hourly MACD – MACD for USD/ETH is losing momentum now in the bearish area.
Hourly RSI – The current RSI level for USD/ETH is below 50.
Major Support Level – $1,275
Major Resistance Level – $1,340
