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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Ethereum Price Resumes Downtrend As Bears Aim $1,500

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ethereum

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Ethereum price is showing bearish signs below $1,700 against the US Dollar. ETH could continue to move down below the $1,600 level.

  • Ethereum is down 5% and there was a move below the $1,720 support.
  • The price is trading below $1,700 and the 100-hourly Simple Moving Average.
  • The bears struggle near a key bearish trend line with resistance near $1,740 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could struggle to recover above the $1,680 and $1,700 resistance levels.

Ethereum Price Dives 5%

Ethereum’s price failed to gain pace for a move above the $1,780 resistance. ETH reacted to the downside below the $1,720 support after the Fed interest rate decision, similar to Bitcoin.

There was a clear move below the $1,700 and $1,640 support levels. The price declined over 5% and traded close to $1,630. A low is formed near $1,630 and the price is now consolidating losses. It is trading below $1,700 and the 100-hourly Simple Moving Average.

There is also a key bearish trend line forming with resistance near $1,740 on the hourly chart of ETH/USD. Immediate resistance is near the $1,660 level or the 23.6% Fib retracement level of the recent drop from the $1,749 swing high to the $1,630 low.

The next major resistance is near the $1,680 level. The first major resistance is near $1,700 or the 61.8% Fib retracement level of the recent drop from the $1,749 swing high to the $1,630 low. A proper move above the $1,680 and $1,700 resistance levels might start a steady recovery wave.

Ethereum Price

Source: ETHUSD on TradingView.com

The next resistance sits near $1,740 and the trend line, above which Ethereum could rise toward the $1,780 level. Any more gains above the $1,780 resistance zone might send the price toward the $1,850 resistance.

More Losses in ETH?

If Ethereum fails to clear the $1,700 resistance, it could continue to move down. Initial support on the downside is near the $1,630 level and the recent low.

The next major support is near the $1,600 level. If there is a break and close below the $1,600 support, the price could accelerate lower toward the $1,550 support. Any more losses may perhaps send the price toward the $1,500 zone.

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 level.

Major Support Level – $1,600

Major Resistance Level – $1,700

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Aayush Jindal
Aayush Jindal

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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From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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