Ethereum tumbled below the $1,500 support against the US Dollar. ETH must stay above $1,300 to avoid a drop towards $1,120 or even $1,000.<\/p>\n
Ethereum declined over 20% and traded below the $1,500 support.
\nThe price is now trading below $1,500 and the 100 hourly simple moving average.
\nThere is a key bearish trend line forming with resistance near $1,420 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair might start a recovery wave if there is a clear move above the $1,425 resistance.<\/p>\n
Ethereum Price Declines Heavily<\/p>\n
Ethereum failed to start a fresh increase above the $1,800 resistance. There was a sharp bearish reaction below the $1,720 and $1,700 support levels.<\/p>\n
The bears gained strength and pushed the price below the $1,500 support level. It declined over 20% and broke the $1,420 support. A low is formed near $1,304 and the price settled below the 100 hourly simple moving average.<\/p>\n
It is now consolidating losses above the $1,300 level. Ether already tested the 23.6% Fib retracement level of the recent decline from the $1,544 swing high to $1,304 low.<\/p>\n
On the upside, an initial resistance is near the $1,380 level. The first major resistance is near the $1,400 and $1,420 levels. There is also a key bearish trend line forming with resistance near $1,420 on the hourly chart of ETH\/USD. The trend line is near the 50% Fib retracement level of the recent decline from the $1,544 swing high to $1,304 low.<\/p>\n\n
Source: ETHUSD on TradingView.com<\/p>\n
The next major resistance is near the $1,500 level. A clear move above the $1,500 resistance might start a strong increase. The next major resistance is near the $1,700 level.<\/p>\n
More Losses in ETH?<\/p>\n
If ethereum fails to rise above the $1,420 resistance, it could continue to move down. An initial support on the downside is near the $1,320 zone.<\/p>\n
The next major support is near the $1,300 level. A clear move and break below the $1,300 support could start another decline. In the stated case, the price could slide towards the $1,200 support zone in the near term or even $1,150.<\/p>\n
Technical Indicators<\/p>\n
Hourly MACD \u2013 The MACD for ETH\/USD is now losing momentum in the bearish zone.<\/p>\n
Hourly RSI \u2013 The RSI for ETH\/USD is now just near the 30 level.<\/p>\n
Major Support Level \u2013 $1,300<\/p>\n
Major Resistance Level \u2013 $1,420<\/p>","protected":false},"excerpt":{"rendered":"
<\/p>\n
Ethereum tumbled below the $1,500 support against the US Dollar. ETH must stay above $1,300 to avoid a drop towards $1,120 or even $1,000.<\/p>\n
Ethereum declined over 20% and traded below the $1,500 support.
\nThe price is now trading below $1,500 and the 100 hourly simple moving average.
\nThere is a key bearish trend line forming with resistance near $1,420 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair might start a recovery wave if there is a clear move above the $1,425 resistance.<\/p>\n
Ethereum Price Declines Heavily<\/p>\n
Ethereum failed to start a fresh increase above the $1,800 resistance. There was a sharp bearish reaction below the $1,720 and $1,700 support levels.<\/p>\n
The bears gained strength and pushed the price below the $1,500 support level. It declined over 20% and broke the $1,420 support. A low is formed near $1,304 and the price settled below the 100 hourly simple moving average.<\/p>\n
It is now consolidating losses above the $1,300 level. Ether already tested the 23.6% Fib retracement level of the recent decline from the $1,544 swing high to $1,304 low.<\/p>\n
On the upside, an initial resistance is near the $1,380 level. The first major resistance is near the $1,400 and $1,420 levels. There is also a key bearish trend line forming with resistance near $1,420 on the hourly chart of ETH\/USD. The trend line is near the 50% Fib retracement level of the recent decline from the $1,544 swing high to $1,304 low.<\/p>\n
Source: ETHUSD on TradingView.com<\/p>\n
The next major resistance is near the $1,500 level. A clear move above the $1,500 resistance might start a strong increase. The next major resistance is near the $1,700 level.<\/p>\n
More Losses in ETH?<\/p>\n
If ethereum fails to rise above the $1,420 resistance, it could continue to move down. An initial support on the downside is near the $1,320 zone.<\/p>\n
The next major support is near the $1,300 level. A clear move and break below the $1,300 support could start another decline. In the stated case, the price could slide towards the $1,200 support zone in the near term or even $1,150.<\/p>\n
Technical Indicators<\/p>\n
Hourly MACD \u2013 The MACD for ETH\/USD is now losing momentum in the bearish zone.<\/p>\n
Hourly RSI \u2013 The RSI for ETH\/USD is now just near the 30 level.<\/p>\n
Major Support Level \u2013 $1,300<\/p>\n
Major Resistance Level \u2013 $1,420<\/p>\n
<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-1053","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/1053","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=1053"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/1053\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=1053"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=1053"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=1053"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}