Ethereum dropped to $1350, but then recovered against the US Dollar. ETH now faces major resistance at the $1,460-$1,500 levels.
- Ethereum suffered losses, trading below $1,400.
- The 100-hourly simple moving average and price are now below $1,460.
- A major bearish trendline is emerging with resistance close to $1,440 in the hourly chart of Ethereum/USD (datafeed via Kraken).
- This pair may struggle to recover from the resistance of $1,440 and 1,460.
Ethereum Price remains In Bearish Zone
Ethereum was trading below the $1.500 support level in a bearish area. ETH traded lower than the $1,400 level in a further decline.
It even traded below $1,360 and as low at $1,257. Now, it is trying to rebound above the $1.400 resistance zone. The move was above the 23.6% Fib level of the downmove from $1,662 swing high, to $1,357 lowest.
However, the ether price has been trading at a low of $1,460. This is below the 100 hourly simple moving mean. The $1,440 mark is the nearest resistance to the upside.
On the hourly chart for ETH/USD, there is a bearish trend line that forms with resistance at $1,440. Near the $1,480 area and the 100-hourly simple moving average is the first significant resistance. The $1,500 area is the principal resistance.
Source: TradingView.com, ETHUSD
Also, the Fib retracement of the decline from the $1.662 swing high, to the $1.357 low, is at 50%, which puts it in the $1.500 zone. Clear moves above $1,500 could signal a significant increase. If the previous scenario is true, then the price might rise towards $1,550.
What Are the Losses of ETH More?
The $1,480 resistance could be broken and ethereum may continue its downward slide. The $1,400 area is the initial support for the downside.
Another decline could be triggered by a clear break below $1,400. The $1,350 support might be reaffirmed in this scenario. Price could even rise to the $1300 level or even $1250 in the immediate future if there are more losses.
Technical Indicators
Minutely MACD – MACD for USD/ETH is losing momentum now in bullish territory.
Hourly RSI – The current RSI of ETH/USD stands just below the 50 level.
Major Support Level – $1,400
Major Resistance Level – $1,480
