Why is the Market Falling? BNB, FTT, ETH and BTC with Heavy Losses

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.