Ethereum Price Tanks Hard—Can It Survive the $1,500 Test?

Aayush Jindal

2 months ago

2 mins read

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Ethereum price failed to recover above $1,820 and dropped below $1,650. ETH is now consolidating losses and might face resistance near the $1,675 zone.

Ethereum failed to stay above the $1,650 and $1,620 levels.
The price is trading below $1,650 and the 100-hourly Simple Moving Average.
There was a break below a connecting bullish trend line with support at $1,775 on the hourly chart of ETH/USD (data feed via Kraken).
The pair remains at risk of more losses below the $1,550 support zone.

Ethereum Price Dips Further

Ethereum price failed to stay above the $1,800 support zone and extended losses, like Bitcoin. ETH declined heavily below the $1,750 and $1,700 levels.

There was a break below a connecting bullish trend line with support at $1,775 on the hourly chart of ETH/USD. The bears even pushed the price below the $1,600 level. A low was formed at $1,537 and the price recently corrected some losses.

There was a move above the $1,580 level. The price tested the 23.6% Fib retracement level of the downward move from the $1,815 swing high to the $1,537 low. However, the bears are active near the $1,600 zone. The price is now consolidating and facing many hurdles.

Ethereum price is now trading below $1,650 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $1,600 level.

The next key resistance is near the $1,675 level or the 50% Fib retracement level of the downward move from the $1,815 swing high to the $1,537 low. The first major resistance is near the $1,710 level. A clear move above the $1,710 resistance might send the price toward the $1,820 resistance.

An upside break above the $1,820 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $1,880 resistance zone or even $1,920 in the near term.

Another Decline In ETH?

If Ethereum fails to clear the $1,600 resistance, it could start another decline. Initial support on the downside is near the $1,550 level. The first major support sits near the $1,535 zone.

A clear move below the $1,535 support might push the price toward the $1,420 support. Any more losses might send the price toward the $1,400 support level in the near term. The next key support sits at $1,350.

Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is now below the 50 zone.

Major Support Level – $1,550

Major Resistance Level – $1,600

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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