Ethereum fell below $ 1,500 support against the US dollar. ETH must be above $ 1,300 so that it does not fall to $ 1,120 or even $ 1,000.
- Ethereum fell more than 20% and traded below $ 1,500 support.
- The price is currently trading below $ 1,500, a simple moving average every 100 hours.
- The ETH / USD hourly chart (data feed via Kraken) has a major bearish trend line formed by resistances near $ 1,420.
- If there is a clear move above the $ 1,425 resistance, the pair may start a recovery wave.
Ethereum prices fall sharply
Ethereum was unable to launch a new increase above $ 1,800 in resistance. Below the $ 1,720 and $ 1,700 support levels, there was a sharp bearish reaction.
The bear has strengthened and pushed the price below the $ 1,500 support level. It fell by more than 20% and broke $ 1,420 support. The lows were formed near $ 1,304 and the price was below the 100-hour moving average.
We are currently consolidating losses of over $ 1,300. Ether has tested the recent 23.6% Fibonacci retracement level from a high of $ 1,544 to a low of $ 1,304.
Conversely, the initial resistance is close to the $ 1,380 level. The first major resistance is close to the $ 1,400 and $ 1,420 levels. The ETH / USD hourly chart also has a major bearish trend line formed by resistance near $ 1,420. The trend line is close to the 50% Fibonacci retracement level of the recent decline from a high of $ 1,544 to a low of $ 1,304.
Source: ETHUSD on TradingView.com
The next big resistance is near the $ 1,500 level. A clear move above the $ 1,500 resistance could start a significant increase. The next big resistance is near the $ 1,700 level.
Further loss of ETH?
If Ethereum does not exceed the $ 1,420 resistance, Ethereum may continue to fall. The first downside support is near the $ 1,320 zone.
The next major support is close to the $ 1,300 level. A clear move and a break below $ 1,300 support could start another decline. In the cases listed, prices could fall towards the $ 1,200 support zone and even $ 1,150 in the short term.
Technical indicators
Hourly MACD – – ETH / USD MACD is losing momentum in the bear zone.
Hourly RSI – – The ETH / USD RSI is currently close to the 30th level.
Key Support Levels – $ 1,300
Major resistance levels – $ 1,420
