The recent conflict and drop in FTT and SOL were the spark that set off the market slide. There was a rise in selling pressure on Bitcoin, ripple, and BNB. The price of ether dropped by more than 7%, with a dramatic decline below the 76.4% Fib retracement level.
Price of Ethereum Falls
The current price has broken both the 100 hourly simple moving average and the milestone of $1,500. The majority of the profit from the swing low of $1,500 to the high of $1,675 is trading close to the 1.236 Fib extension mark.
Upward resistance on the upswing is getting close to the $1,500 level. The next big obstacle is close to the $1,540 mark, sometimes referred to as the recent breakdown zone. On the hourly chart of ETH/USD, a significant negative trend line is forming close to $1,570, serving as resistance in the market.
A decisive breakthrough over the barrier at $1,570 could be needed to lay the stage for a decent gain. In the presented scenario, the cost may rise to $1,620. If there are any more gains, the price may try to break over the 1,675-dollar barrier that has been preventing it.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $1,460
Major Resistance Level – $1,540
Further ETH Losses
The price of Ethereum may drop further if it cannot overcome the $1,500 resistance. A preliminary level of downside support is close to $1,460.
Near $1,420 is the next significant support, below which ether price may continue to fall. According to the outlined scenario, the price could drop in the near term into the $1,350 support region.
