Ethereum Key Indicators Suggest A Strengthening Case For More Losses


Ethereum fell sharply from the $1,655 resistance area against the US Dollar. ETH is struggling and remains at risk of further losses below the $1450 level.

  • Ethereum started a new decline after it failed to break above the $1,650 resistance area.
  • The price is now trading below $1550 and the 100 hourly simple moving average.
  • There is a major bearish trend line forming with resistance near $1,610 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could accelerate lower below the $1450 support area in the near term.

Ethereum price starts a new low

Ethereum failed to gain strength to move above The $1,650 and $1,660 resistance levels. ETH topped near the $1,653 level and started a new low.

There has been a steady decline below the $1600 level and the 100 hourly simple moving average. The price even traded below the $1,550 and $1,520 support levels. There was a drop of more than 10% and the price was trading at $1,453.

Ether price is now consolidating losses above $1450 and below Simple moving average per 100 hours. On the upside, the price is facing resistance near the $1,500 level. It is close to the 23.6% Fib retracement level of the recent decline from the $1,653 swing high to $1,453.

The next major resistance is near the $1,550 and $1,560 levels. It is close to the 50% Fib retracement level of the recent decline from the $1,653 swing high to $1,453.

Ethereum price

Source: ETHUSD on TradingView.com

A clear break above $1,560 could push the price towards the $1,600 level. There is also a major bearish trend line forming with resistance near $1,610 on the hourly chart of ETH/USD. Any further gains could open the door for a move towards the $1,650 resistance in the near term.

More losses in ETH?

If Ethereum fails to rise above the $1500 resistance, it may continue to decline. There is initial support on the downside near the $1450 region.

The next major support is near $1,420. A break-down below the $1,420 support level could lead to another sharp decline. In the aforementioned case, the price of Ether may drop towards the $1350 level.

Technical Indicators

MACD per hourETH/USD’s MACD is gaining momentum in bearish territory.

Hourly RSIThe RSI for ETH/USD is now below the 50 level.

Main Support Level – $1450

Key Resistance Level – $1550



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