Ethereum started a major decline below the $1,500 support against the US Dollar. ETH faced an increase in sales after the market left FTT, SOL and DOGE.
- Ethereum started a major decline below the $1,550 and $1,500 levels.
- The price is now trading below $1,500 and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance near $1,570 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is down more than 7% and there is a risk of breaking below the support level of $1,420.
Ethereum Price Dives
Ethereum failed to stay above the $1,600 level and a major decline started. BTC broke a key support near the $1,550 level and the 100 hourly simple moving average.
The recent drama and fall in FTT and SOL led the market to decline. Bitcoin, Ripple and BNB faced increasing selling pressure. Ether price declined over 7% and there was a strong decline below the 76.4% Fib retracement level of the key rise from the $1,500 low to $1,675 high.
The price is now trading below $1,500 and the 100 hourly simple moving average. It is trading near the 1.236 Fibonacci extension level of the key rise from the $1,500 low to $1,675 high.
An immediate upside resistance is near the $1,500 level. The next major resistance is near the $1,540 level or the recent break down area. There is also a major bearish trend line forming with resistance near $1,570 on the hourly chart of ETH/USD.
Source: ETHUSD on TradingView.com
A clear break above the $1,570 resistance could set a good upside momentum. In the specified case, the price is likely to move higher towards the $1,620 level. Any further gains could send the price towards the $1,675 resistance area.
More losses in ETH?
If Ethereum fails to climb above the $1,500 resistance, it could continue to decline. An initial support on the downside is near the $1,460 level.
The next major support is near the $1,420 level, below which Ether price may extend losses. In the specified scenario, the price is likely to decline towards the $1,350 support area in the near term.
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 50 level.
Key Support Level – $1,460
Key Resistance Level – $1,540