Ethereum's Big Drop: $1,500 Support Broken
Ethereum began to drop significantly below the $1,500 support against the US Dollar. ETH faced more selling pressure after the market dumped FTT, SOL, and DOGE.
Ethereum's recent decline below the $1,500 support level has been met with increased selling pressure, as the market has dumped tokens such as FTT, SOL, and DOGE. The ETH token is now facing a major obstacle in the form of resistance at the $1,400 level.
- It is clear that Ethereum is in a bearish trend as it has failed to sustain above the $1,550 level. The next support levels to watch out for are $1,500 and $1,400.
- The price of Bitcoin has fallen below $1,500 and the 100 hourly simple moving average, indicating a possible bearish trend in the near future.
- The bearish trend line mentioned in the paragraph is a major resistance point for ETH/USD, and it is likely to remain so in the future. This resistance point is significant because it is one of the few remaining hurdles for ETH/USD to reach its all-time high price.
- The pair is down over 7% and there is a risk of a move below the $1,420 support. However, many analysts believe that the pair will find support at this level and rebound in the coming days.
Ethereum Price Drops Significantly
The Ethereum price has failed to stay above the $1,600 level and has started a major decline. BTC has broken a major support near the $1,550 level and the 100 hourly simple moving average. This could be a sign that the market is losing confidence in Ethereum and Bitcoin and that further declines could be on the cards.
The recent drama and decline in FTT and SOL caused the market crash. Bitcoin, ripple, and BNB faced an increase in selling pressure. Ether price declined over 7% and there was a strong decline below the 76.4% Fib retracement level of the main increase from the $1,500 swing low to $1,675 high. The market is still in a state of flux, and it remains to be seen how things will shake out in the coming days and weeks.
The price of Bitcoin is now trading below $1,500 and the 100 hourly simple moving average. It is trading near the 1.236 Fib extension level of the main increase from the $1,500 swing low to $1,675 high. This suggests that the market is still bearish and that further downside is possible in the short-term.
The Ethereum market is currently facing some strong resistance near the $1,500 level. The next major resistance is seen at the $1,540 level, which is also the recent breakdown zone. There is also a major bearish trend line forming with resistance near $1,570 on the hourly chart of ETH/USD. These resistance levels are likely to hold and may push the market back down in the near-term.
The ETHUSD pair is currently trading at around $480 and looks set to continue its upward trend in the near future. The pair has been on a strong uptrend since the beginning of the year and looks poised to continue this trend in the coming months.
The market looks poised for a breakout above the $1,570 resistance level, which could set the stage for a move higher to the $1,620 level. Above there, the next resistance zone comes in at $1,675.
More Losses in ETH?
There is a possibility that ethereum might not be able to climb above the $1,500 resistance and might continue to move down. However, there is an initial support on the downside near the $1,460 level.
Ether prices may continue to decline in the near term, with the next major support level near the $1,420 level. Prices could decline towards the $1,350 support zone in this scenario.
There are a number of technical indicators that can be used to analyze the stock market and make investment decisions.
The MACD for ETH/USD is now gaining momentum in the bearish zone, which could indicate that further downside is ahead for the pair.
The RSI for ETH/USD is now below the 50 level, indicating that the hourly price trend is bearish.
The major support level for Bitcoin is currently $1,460.
The major resistance level for gold is currently $1,540 per ounce.
