Ethereum fell towards $ 1,350 before recovering higher against the US dollar. ETH is currently facing significant resistance near the $ 1,460 and $ 1,500 levels.
- Ethereum expanded its losses and traded below the $ 1,400 level.
- The price is currently trading at $ 1,460, below the simple moving average every 100 hours.
- The ETH / USD hourly chart (data feed via Kraken) has a major bearish trendline formed by resistances near $ 1,440.
- This pair can struggle to recover above the $ 1,440 and $ 1,460 resistance levels.
Ethereum prices stay in the bearish zone
Ethereum stayed in the bear zone below the $ 1,500 level. ETH began to fall again and traded below the major $ 1,400 support zone.
Prices have fallen below the $ 1,360 level to $ 1,257. We are currently trying a recovery wave beyond the $ 1,400 resistance zone. There was a move above the 23.6% Fibonacci retracement level, falling from a high of $ 1,662 to a low of $ 1,357.
However, the ether price is trading at $ 1,460, below the simple moving average every 100 hours. Immediate upward resistance is close to the $ 1,440 level.
The ETH / USD hourly chart also has a major bearish trendline formed by resistances near $ 1,440. The first major resistance is near the $ 1,480 zone and the simple moving average every 100 hours. Currently, the main resistance is formed near the $ 1,500 zone.
Source: ETHUSD on TradingView.com
The 50% Fibonacci retracement level, which falls from a high of $ 1,662 to a low of $ 1,357, is also near the $ 1,500 zone. A clear move above the $ 1,500 level could start a decent increase. If listed, the price could probably rise towards the $ 1,550 resistance zone.
Further loss of ETH?
If Ethereum does not rise above the $ 1,480 resistance, Ethereum may continue to fall. The first downside support is near the $ 1,400 zone.
A clear move below $ 1,400 support could cause another decline. In this case, the ether price could probably reconsider support for $ 1,350. Further losses could push the price up to $ 1,300 support, or $ 1,250 in the short term.
Technical indicators
Hourly MACD – – ETH / USD MACD is losing momentum in the bull zone.
Hourly RSI – – The ETH / USD RSI is currently just above the 50 level.
Major Support Level – $ 1,400
Major Resistance Levels – $ 1,480
