ETH’s Price Drops Below $1,500; Will It Continue To Fall?
Ethereum (ETH) was unable to recover losses and trade above the $1,550 level. This resulted in ETH’s price entering another decline, pushing its price below the key $1,500 support zone. ETH’s price is also trading below the 100-hourly simple moving average (SMA).
ETH opened with a sharp decline below the $1,450 level and tested the $1,400 support zone. The price of ETH also set a low near $1,402 as the price now consolidates its losses. According to data available on CoinMarketCap, ETH has had a 6.65% price drop over the past 24 hours. At the time of writing, ETH trades at $1,424.79.
An immediate resistance on the upside is near the $1,440 level, with the first major resistance near the $1,450 zone. It is near the 23.6% Fibonacci retracement level of the downward move from the $1,662 swing high to the $1,402 low.
There is also a key bearish trend line forming with resistance near $1,460 on the hourly chart for ETH/USDT. ETH’s price may rise to the $1,500 level if it is able to make a clear move above the trend resistance. The next major resistance will then be $1,550.
Should ETH fail to rise above the $1,460 resistance, its price could continue to fall. An initial support on the downside is near the $1,400 zone.
A clear move below the $1,400 support may push the price toward the $1,375 support zone. Any more pressure might see ETH’s price tumble down to the $1,300 support.