Ethereum gained bearish momentum below the $1,500 support level against the US Dollar. ETH must stay above $1,400 to start a recovery wave.
- Ethereum remained in bearish territory and extended its losses below $1,500.
- The price is now trading under $1,500 and a 100 hourly simple moving average.
- There is a major 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 $1400 support level.
Ethereum price collapses
Ethereum failed to recover losses and traded above the $1,550 level. ETH Another decline has begun It is trading below the key $1500 support area.
It opened the door to a sharp drop below the $1,450 level. The price of ether even tested the $1,400 support area. The bottom formed near $1402 and the price is now consolidating losses. They are now trading for less than $1,500 and Simple moving average per 100 hours.
There is an immediate resistance on the upside near the $1,440 level. The first major resistance is near the $1450 area. It is near the 23.6% Fib retracement level of the downside move from the $1,662 swing high to $1,402.
There is also a major bearish trend line forming with resistance near $1,460 on the hourly chart of ETH/USD. A clear move above the trend resistance may send the price towards the $1500 level. The next major resistance might be $1,550.
Source: ETHUSD on TradingView.com
It is close to the 50% Fib retracement level of the downside move from the $1,662 to $1,402 swing high. The main breakout area is now forming near the $1,550 area. A clear move above the $1,550 level could start with a decent rally.
More losses in ETH?
If Ethereum fails to rise above the $1,460 resistance, it may continue to decline. There is initial support on the downside near the $1,400 region.
A clear move below the $1,400 support level could push the price towards the $1,375 support area. Any further losses could push the price of ether to the $1,300 support level.
MACD per hour – ETH/USD’s MACD is losing momentum in bearish territory.
Hourly RSI – The RSI for ETH/USD is now well below the 50 level.
Key Support Level – $1400
Key Resistance Level – $1,460