Ethereum took another hit overnight, but the $1400 level could trigger a further rise for the second-largest cryptocurrency, as we can see today in our Latest news from ETH.
Ethereum has gained bearish momentum below the $1500 support zone and ETH needs to stay above in order to start a wave of recovery. Ethereum remained in a bearish zone and extended losses below $1500, so the price is now trading near the $1500 level and the 100 hourly simple moving average.
Ethereum took another hit with the pair potentially starting a wave of recovery unless there is a clear move below the $1400 support. ETH failed to recoup the losses and trade above the $1500 level, so it started a fresh decline and traded below the $1500 support. This opened the doors for further decline below the $1450 area and ETH price tested the $1400 support zone with a new low formed near $1402 and the price is consolidating losses. It is now trading below the $1500 area and the 100 hourly simple moving average.
Immediate resistance on the upside is near the $1,440 level with first major resistance near the $1,450 area and close to the 23.6% fib retracement level between the move from the $1,662 high and the low of $1,402. A key bearish trend line has formed near resistance at $1460 on the hourly chart of the pair and a move above this trend resistance could send price into the $1500 area at the next set resistance. at $1550. It is near the 50% fib retracement level from the downside move from the $1662 low to $1402 with the major breakout zone forming near the $1550 area and a move above could trigger a further increase.
If Ethereum fails to break above the $1460 resistance, it may decline and the initial support on the downside could be near $1440. Breaking below this support could push the price towards the $1375 support zone and further losses could push ETH price towards the $1300 support. The pair’s hourly MACD is losing momentum in the bearish zone and the pair’s hourly RSI is below the 50 levels and the major support level is set at $1400.
As previously reported, ETH is slipping and may struggle to stay above the $1480 area as it started a fresh decline with a false break above $1620. A key uptrend line is forming near the support at $1,500 on the hourly chart and the pair is now in a position to make a further rise if it breaches the support at $1,480. Ethereum remains stuck in the key range and made another attempt to breach the $1620 resistance zone. ETH doped above this area, but the bears were quite active near the $1660 level.
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