Ethereum fell towards $1,350 before rallying against the US dollar. ETH is now facing major resistance near the $1,460 and $1,500 levels.
- Ethereum extended its losses and traded below the $1,400 level.
- The price is now trading below $1,460 and the 100 hourly simple moving average.
- A major bearish trend line is forming with resistance near $1,440 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair may struggle to recover above the resistance levels of $1,440 and $1,460.
Ethereum price remains in the bearish zone
Ethereum remained in a bearish zone below the $1,500 level. ETH started a fresh decline and traded below the key $1,400 support zone.
The price even climbed below the $1,360 level and traded as low as $1,257. It is now attempting a rally wave above the $1,400 resistance zone. There was a move above the 23.6% Fib retracement level of the downward move from the $1,662 high to $1,357 low.
However, the price of Ether is trading below $1,460 and the 100 hour simple moving average. An immediate upside resistance is near the $1,440 level.
There is also a major bearish trend line forming with resistance near $1,440 on the hourly ETH/USD chart. The first major resistance is seen near the $1,480 area and the 100 hourly simple moving average. The main resistance is now forming near the $1,500 area.
Source: ETHUSD on TradingView.com
The 50% Fib retracement level of the downward move from the $1,662 high to $1,357 low is also near the $1,500 area. A clear move above the $1500 level could trigger a decent rise. In the indicated case, the price could possibly rise towards the $1,550 resistance zone.
More losses in ETH?
If Ethereum fails to break above the $1,480 resistance, it could continue to decline. An initial downside support is seen near the $1,400 area.
A clear break below the $1,400 support could trigger a further decline. In this case, Ether price might revisit the $1,350 support. Any further losses could even push the price to the support of $1,300 or even $1,250 in the short term.
Hourly MACD – The MACD for ETH/USD is now losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now just above the 50 level.
Major Support Level – $1,400
Major resistance level – $1,480