Ethereum took another hit overnight but the $1400 level could spark a fresh increase for the second biggest cryptocurrency as we can see today in our ETH latest news.
Ethereum gained some bearish momentum below the $1500 support zone and ETH has to stay above it in order to start a recovery wave. Ethereum remained in a bearish zone and extended the losses below $1500 so the price is now trading near the $1500 level and the 100 hourly simple moving average.
Ethereum took another hit with the pair being able to start a recovery wave unless there’s a clear move below the $1400 support. ETH failed to recover the losses and trade above the $1500 level so it started another decline and traded below the $1500 support. It opened the doors for a new decline below the $1450 zone and the ETH price tested the $1400 support zone with a new low formed near $1402 and the price is consolidating losses. It is now trading below the $1500 zone and the 100 hourly simple moving average.
The immediate resistance on the upside is near the $1440 level with the first major resistance being near the $1450 zone and near the 23.6% fib retracement level from the move of $1662 swing high to the $1,402 low. There was a key bearish trend line forming near the resistance at $1460 on the hourly chart of the pair and a move above this trend resistance could send the price to the $1500 zone to the next resistance being set at $1550. It’s near the 50% fib retracement level from the downward move of $1662 high to $1402 low with the main breakout zone forming near the $1550 zone and a move above it could start a new increase.
If Ethereum fails to rise above the $1460 resistnace, it can move down and the initial support on the downside might be near $1440. Moving below this support might push the price to the $1375 support zone and more losses could push the ETH price to $1300 support. The hourly MACD for the pair is losing momentum in the bearish zone and the hourly RSI for the pair is below the 50 levels and the major support level is set at $1400.
As earlier reported, ETH is sliding and could struggle to stay above the $1480 zone as it started another decline with a false breakout above $1620. There’s a key bullish trend line forming near the support at $1500 on the hourly chart and the pair is now able to make a fresh increase if it moves beyond the $1480 support. Ethereum remains stuck in the key range and made another attempt to clear the $1620 resistance zone. ETH spiked above this zone but the bears were quite active near the $1660 level.
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