The cryptocurrency known as Ethereum (ETH) was unable to recover its losses and trade higher than $1,550. As a consequence of this, the price of ETH started to fall again, and it eventually fell below the critical support zone of $1,500. Additionally, the price of ETH is trading at a level that is lower than the 100-hourly simple moving average (SMA).
ETH started the day with a significant drop that took it below the $1,450 mark and tested the support zone around $1,400. As the price of Ethereum continues to consolidate its losses, the price reached a new low of approximately $1,402 in close proximity.
The price of ETH has decreased by 6.65 percent over the course of the last 24 hours, as indicated by statistics made public on CoinMarketCap. At the time of this writing, the price of ETH on the market is $1,424.79.
On the upside, there is some immediate resistance close to the level of $1,440, and the first significant resistance is close to the zone of $1,450. It is currently located quite close to the level that represents the 23.6% Fibonacci retracement of the decline that began from the swing high at 1,662 and ended at 1,402 dollars.
On the hourly chart for ETH/USDT, we can see that a significant negative trend line is forming near $1,460, which is acting as resistance. If Ethereum’s price is able to make a decisive move over the trend barrier, it may be able to reach the level of $1,500. After that, the key barrier to overcome will be at $1,550.
In the event that Ethereum is unable to break over the resistance level of 1,460 dollars, the price of ETH may continue to decline. Near the zone of 1,400 dollars is where bears will first find some support.
A decisive break below the support at $1,400 might send the price down toward the zone of support around $1,375. If there is any further selling pressure, the price of ETH may fall to the $1,300 support level.