Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Ethereum gained bearish momentum below the $1,500 support against the US Dollar. ETH must stay above $1,400 to start a recovery wave.
- Ethereum remained in a bearish zone and extended losses below $1,500.
- The price is now trading below $1,500 and the 100 hourly simple moving average.
- There is a key bearish trend line forming with resistance near $1,460 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a recovery wave unless there is a clear move below the $1,400 support.
Ethereum Price Breaks Down
Ethereum failed to recover losses and trade above the $1,550 level. ETH started another decline and traded below the key $1,500 support zone.
It opened the doors for a sharp decline below the $1,450 level. Ether price even tested the $1,400 support zone. A low is formed near $1,402 and the price is now consolidating losses. It is now trading below $1,500 and the 100 hourly simple moving average.
An immediate resistance on the upside is near the $1,440 level. The first major resistance is near the $1,450 zone. It is near the 23.6% Fib retracement level of the downward move from the $1,662 swing high to $1,402 low.
There is also a key bearish trend line forming with resistance near $1,460 on the hourly chart of ETH/USD. A clear move above the trend resistance might send the price towards the $1,500 level. The next major resistance could be $1,550.
Source: ETHUSD on TradingView.com
It is near the 50% Fib retracement level of the downward move from the $1,662 swing high to $1,402 low. The main breakout zone is now forming near the $1,550 zone. A clear move above the $1,550 level could start a decent increase.
More Losses in ETH?
If ethereum fails to rise above the $1,460 resistance, it could continue to move down. An initial support on the downside is near the $1,400 zone.
A clear move below the $1,400 support might push the price towards the $1,375 support zone. Any more losses might even push ether price to the $1,300 support.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now well below the 50 level.
Major Support Level – $1,400
Major Resistance Level – $1,460
