Ethereum fell below the $1,500 support against the US Dollar. ETH needs to stay above $1,300 to avoid a drop to $1,120 or even $1,000.
- Ethereum fell more than 20% to break below the $1,500 support.
- The price is now below $1,500 and the 100 hourly simple moving average.
- A key bearish trend line has formed with resistance near $1,420 on the hourly chart of ETH/USD (data feed via Kraken).
- If there is a clear break above the $1,425 resistance, the pair could start a rebound.
Ethereum price drops sharply
Ethereum failed to start a fresh surge above the $1,800 resistance. There was a sharp bearish reaction below the $1,720 and $1,700 support levels.
The bears gained strength and pushed the price below the $1,500 support. It fell more than 20% and broke the $1,420 support. A low was formed at $1,304 and the price settled below the 100 hourly simple moving average.
It is now consolidating losses above $1,300. Ether has tested the 23.6% Fib retracement level of the recent decline from the $1,544 high to $1,304 low.
On the upside, initial resistance lies near $1,380. The first major resistance is at $1,400 and $1,420. There is also a key bearish trend line forming with resistance near $1,420 on the hourly chart of ETH/USD. The trend line is near the 50% Fib retracement level of the recent decline from the $1,544 swing high to $1,304 low.
The next major resistance is at $1,500. A break above the $1,500 resistance could spark a sharp rise. The next major resistance is at $1,700.
Technical indicators
- Hourly MACD – The MACD for ETH/USD is now losing momentum in the bearish zone.
- Hourly RSI – The RSI for ETH/USD is now slightly near the 30 level.
- Greater support level – $1,300
- Major Resistance – $1,420
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