- ETH’s price failed to recover above the $1,550 level and entered into another decline.
- The 100-hourly simple moving average (SMA) is positioned above the price of ETH.
- If ETH fails to rise above the $1,460 resistance, its price could 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.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CQ. No information in this article should be interpreted as investment advice. CQ encourages all users to do their own research before investing in cryptocurrencies.