Ethereum Dives Below $1,500, Why Bulls Are Losing Control

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Ethereum didn’t stay above $ 1,600 and even traded below $ 1,500 against the US dollar. ETH price is showing bearish signs and could continue to decline towards USD 1,400.

  • Ethereum began another decline below the USD 1,550 and USD 1,500 support levels.
  • The price is now trading well below $ 1,550 and the 100 hour simple moving average.
  • A large bearish trendline is forming on the hourly chart of ETH / USD (data feed via Kraken) with resistance near USD 1,560.
  • The pair could correct higher, but upside moves should be limited above $ 1,550.

Win price drops on Ethereum

Ethereum didn’t stay above the USD 1,600 support and started a new drop. ETH broke the USD 1,580 and USD 1,550 support levels to enter a bearish zone.

There was a break below a crucial bullish trendline with support near USD 1,560 on the ETH / USD hourly chart. It opened the doors to a drop below $ 1,500. The pair was below the $ 1,450 support and was well below the 100-hour simple moving average.

A low is formed near $ 1,441 and the price consolidates losses. Initial resistance is near the $ 1,520 level. It is close to the 50% Fib retracement level of the recent drop from $ 1,598 to $ 1,441.

Source: ETHUSD on TradingView.com

The first major resistance is near the $ 1,550 level and the 100-hour simple moving average. The 61.8% Fib retracement level of the recent decline from the $ 1,598 swing high to the $ 1,441 low is also close to $ 1,550. Additionally, a large bearish trendline is forming on the same chart with resistance near $ 1,560.

To get into a positive zone, the ether price must clear $ 1,550, 100 hour SMA, and trendline resistance. The next key resistance could be at $ 1,600.

Further losses in ETH?

If Ethereum doesn’t stay higher than the $ 1,520 and $ 1,550 resistance levels, it could resume its decline. Initial downside support is near the $ 1,450 level.

A proper downside break and a close below $ 1,450 could pave the way for a push below $ 1,400. In the named case, the ether price could even test the USD 1,375 support zone in the short term.

Technical indicators

Hourly MACD – – The MACD for ETH / USD is losing pace in the bearish zone.

Hourly RSI – – The RSI for ETH / USD is now well below the 50 level.

Main support tier – $ 1,450

Main Resistance Level – $ 1,550