{"id":11472,"date":"2022-11-08T04:56:44","date_gmt":"2022-11-08T08:56:44","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=11472"},"modified":"2022-11-08T04:56:44","modified_gmt":"2022-11-08T08:56:44","slug":"ethereum-price-crashes-below-1500-why-ftt-and-bnb-sparked-downtrend","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2022\/11\/08\/ethereum-price-crashes-below-1500-why-ftt-and-bnb-sparked-downtrend\/","title":{"rendered":"Ethereum Price Crashes Below $1,500, Why FTT and BNB Sparked Downtrend"},"content":{"rendered":"

Ethereum started a major decline below the $1,500 support against the US Dollar. ETH faced an increase in selling after the market dumped FTT, SOL, and DOGE.<\/em><\/p>\n

Ethereum started a major decline below the $1,550 and $1,500 levels.
\nThe price is now trading below $1,500 and the 100 hourly simple moving average.
\nThere is a major bearish trend line forming with resistance near $1,570 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair is down over 7% and there is a risk of a move below the $1,420 support.<\/p>\n

Ethereum Price Dives<\/h2>\n

Ethereum failed to stay above the $1,600 level and started a major decline. BTC broke a major support near the $1,550 level and the 100 hourly simple moving average.<\/p>\n

The recent drama and decline in FTT and SOL caused the market crash. Bitcoin<\/a>, ripple<\/a>, 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.<\/p>\n

The price 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.<\/p>\n

An immediate resistance on the upside is near the $1,500 level. The next major resistance is near the $1,540 level or the recent break down zone. There is also a major bearish trend line forming with resistance near $1,570 on the hourly chart of ETH\/USD.<\/p>\n

<\/a><\/p>\n

Source: ETHUSD on TradingView.com<\/a><\/p>\n

A clear break above the $1,570 resistance could set the pace for a decent increase. In the stated case, the price could rise to the $1,620 level. Any more gains might send the price toward the $1,675 resistance zone.<\/p>\n

More Losses in ETH?<\/h2>\n

If ethereum fails to climb above the $1,500 resistance, it could continue to move down. An initial support on the downside is near the $1,460 level.<\/p>\n

The next major support is near the $1,420 level, below which ether price may perhaps extend losses. In the stated scenario, the price could decline towards the $1,350 support zone in the near term.<\/p>\n

Technical Indicators<\/p>\n

Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is now gaining momentum in the bearish zone.<\/p>\n

Hourly RSI \u2013 <\/strong>The RSI for ETH\/USD is now below the 50 level.<\/p>\n

Major Support Level \u2013 $1,460<\/p>\n

Major Resistance Level \u2013 $1,540<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Ethereum started a major decline below the $1,500 support against the US Dollar. ETH faced an increase in selling after the market dumped FTT, SOL, and DOGE.<\/em><\/p>\n

Ethereum started a major decline below the $1,550 and $1,500 levels.
\nThe price is now trading below $1,500 and the 100 hourly simple moving average.
\nThere is a major bearish trend line forming with resistance near $1,570 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair is down over 7% and there is a risk of a move below the $1,420 support.<\/p>\n

Ethereum Price Dives<\/h2>\n

Ethereum failed to stay above the $1,600 level and started a major decline. BTC broke a major support near the $1,550 level and the 100 hourly simple moving average.<\/p>\n

The recent drama and decline in FTT and SOL caused the market crash. Bitcoin<\/a>, ripple<\/a>, 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.<\/p>\n

The price 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.<\/p>\n

An immediate resistance on the upside is near the $1,500 level. The next major resistance is near the $1,540 level or the recent break down zone. There is also a major bearish trend line forming with resistance near $1,570 on the hourly chart of ETH\/USD.<\/p>\n

<\/a><\/p>\n

Source: ETHUSD on TradingView.com<\/a><\/p>\n

A clear break above the $1,570 resistance could set the pace for a decent increase. In the stated case, the price could rise to the $1,620 level. Any more gains might send the price toward the $1,675 resistance zone.<\/p>\n

More Losses in ETH?<\/h2>\n

If ethereum fails to climb above the $1,500 resistance, it could continue to move down. An initial support on the downside is near the $1,460 level.<\/p>\n

The next major support is near the $1,420 level, below which ether price may perhaps extend losses. In the stated scenario, the price could decline towards the $1,350 support zone in the near term.<\/p>\n

Technical Indicators<\/p>\n

Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is now gaining momentum in the bearish zone.<\/p>\n

Hourly RSI \u2013 <\/strong>The RSI for ETH\/USD is now below the 50 level.<\/p>\n

Major Support Level \u2013 $1,460<\/p>\n

Major Resistance Level \u2013 $1,540<\/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-11472","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\/11472","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=11472"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/11472\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=11472"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=11472"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=11472"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}