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Ethereum

Ethereum Price Nosedives and Signals A Larger Degree Decline

Aayush Jindal by Aayush Jindal
3 months ago
in ETH
Reading Time: 2 mins read

Ethereum price is down over 8% and trading below $1,450 against the US Dollar. ETH remains at risk of a larger decline towards $1,350 in the near term.

  • Ethereum started a major decline from the $1,565 resistance zone.
  • The price is trading below $1,500 and the 100 hourly simple moving average.
  • There is a short-term contracting triangle forming with resistance near $1,425 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could correct higher if there is a move above the $1,450 resistance zone.

Ethereum Price Dives Over 8%

Ethereum price failed to clear the $1,560 and $1,565 resistance levels. ETH formed a high near $1,565 and started a major decline, similar to bitcoin.

There was a sharp move below the $1,500 support zone. The price declined over 8% and the bears were able to push the price below the $1,450 support. A new monthly low is formed near $1,409 and the price is now consolidating losses.

Ether price is trading well below $1,500 and the 100 hourly simple moving average. On the upside, the price is facing resistance near the $1,425 zone. There is also a short-term contracting triangle forming with resistance near $1,425 on the hourly chart of ETH/USD.

The first major resistance is near the $1,450 zone. It is near the 23.6% Fib retracement level of the recent decline from the $1,565 swing high to $1,409 low.

Ethereum Price

Source: ETHUSD on TradingView.com

The next major resistance is near the $1,485 level. The main resistance is near the $1,500 zone or the 50% Fib retracement level of the recent decline from the $1,565 swing high to $1,409 low. A close above the $1,500 resistance zone might start a steady increase. In this case, the price may perhaps rise towards the $1,565 resistance level.

More Losses in ETH?

If ethereum fails to clear the $1,450 resistance, it could continue to move down. An initial support on the downside is near the $1,410 level.

The next major support is near the $1,400 zone. If there is a break below $1,400, the price might drop towards $1,340. Any more losses might call for a test of the $1,280 level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 30 level.

Major Support Level – $1,400

Major Resistance Level – $1,450

Tags: ETHethereumethusdETHUSDT
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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