Ethereum price took a downturn and lost the $1,500 support level as the sellers dominated ETH. At this point, Ethereum must maintain the $1,400 support in order to bounce back. Here is a summary of Ethereum price in the past 24 hours:
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- Ethereum is still bearish and has lost the key support level of $1,500.
- Currently, the price is below the SMA100 and the 1-hour candles are below the SMA100.
- On the 1-hour chart, we see a new downtrend forming with resistance level at $1,460.
- In case Ethereum manages to remain above $1,400, there could be a new recovery pattern.
Ethereum Price Action Analysis
Ethereum failed to stabilize above $1,550 and subsequently lost the $1,500 support level with a downtrend. By losing the $1,500, the decline gained momentum and ETH dipped below the $1,450 support and momentarily fell to $1,400. The lost recorded price is at $1,402 while ETH is making an attempt to recover. Right now, ETH is trading below $1,500 and the 1-hour candles are below the SMA100.
The first resistance level for Ethereum is at $1,440 followed closely by $1,450. This level is near the 23.6% Fibonacci retracement level from the latest fall from $1,662 to $1,402. On the 1-hour chart, we see a new downtrend forming with resistance at $1,460. Breaking this trendline will bring the price close the $1,500. In which case, the $1,550 is the next resistance level which is close to the 50% Fibonacci retracement level. Surpassing this level would likely form a new uptrend.
On the other hand, if Ethereum price fails to surpass the $1,460, the downtrend will continue. For this scenario, the $1,400 will be the first support level. Dipping below the $1,400 could push ETH close to $1,375. Further decline can bring Ethereum as low as $1,300.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD for Ethereum is on a downward movement.
RSI: the relative strength index is currently below 50.
Resistance levels: for the bullish run, the $1,460 is absolutely necessary to surpass.
Support levels: at this point, the $1,400 is the crucial support level for ETH.
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