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Ethereum began a significant drop against the US dollar below the $1,500 support level. ETH failed to maintain its price over $1,600 and precipitated a drop. BTC went through critical support near $1,550 and the 100 hourly simple moving average.
The recent drama and decline in FTT and SOL sparked the market fall. The price of Ether fell by more than 7%, with a sharp drop below the 76.4% Fib retracement level of the major advance from the $1,500 swing low to the $1,675 high.
The ETHEREUM price is currently trading below $1,500 and the 100 hourly simple moving average. It is trading near the 1.236 Fib extension level of the main rise from the $1,500 swing low to the $1,675 high.
On the upside, an immediate obstacle is $1,500. The next significant barrier is near $1,540, or the recent breakdown zone. On the hourly chart of ETH/USD, a big negative trend line is forming with resistance near $1,570.
Ethereum (ETH/USD) Technical Outlook
A decisive break above the $1,570 resistance level might set the tone for a steady rise. In the scenario above, the price may jump to $1,620.
Any further advances might push the price to the $1,675 barrier level. If Ethereum fails to break through the $1,500 barrier, it may continue to fall.
On the downside, an early support level is near $1,460.
The next key support is near $1,420, below which the ether price may prolong losses. In the situation above, the price could fall in the near term to the $1,350 support zone. Good luck!
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