Ethereum Price Analysis: ETH Could Nosedive To $1,500
- Ethereum price failed to clear the $1,850 resistance and declined heavily against the US Dollar.
- ETH price is currently trading well below $1,800 and the 55 simple moving average (4-hours).
- There was a break below a rising channel with support near $1,788 on the 4-hours chart (data feed from Coinbase).
- The pair is likely to continue lower towards the $1,600 and $1,500 support levels in the near term.
Ethereum price is slowly moving lower from $1,800 against the US Dollar. ETH/USD could nosedive to $1,500 as long as it is below the $1,720 zone.
Ethereum Price Analysis
After struggling to stay above the $1,800 and $1,825 levels, Ethereum started a fresh decline against the US Dollar. ETH broke many supports near $1,780 and $1,720 to move into a bearish zone.
There was also a close below the $1,720 support and the 55 simple moving average (4-hours). During the decline, there was a break below a rising channel with support near $1,788 on the 4-hours chart. The pair traded as low as $1,656 and it is currently correcting higher.
It is testing the $1,710 resistance zone. It is near the 23.6% Fib retracement level of the downward move from the $1,869 swing high to $1,656 low. The main resistance is near the $1,725 level (the breakdown zone).
The next key resistance is near the $1,760 level. It is close to the 50% Fib retracement level of the downward move from the $1,869 swing high to $1,656 low. To move into a positive zone, the price must clear the $1,725 and $1,760 resistance levels.
Conversely, the price might extend its decline below the $1,660 zone. The next key support is near the $1,600 level. Any more losses could lead the price towards the $1,450 level. An intermediate support sits near the $1,500 level, where the bulls are likely to take a stand.
Looking at the chart, Ethereum price is clearly trading well below the $1,800 level and the 55 simple moving average (4-hours). Overall, ether price is likely to continue lower towards the $1,600 and $1,500 support levels in the near term.
4 hours MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is now below the 40 level.
Key Support Levels – $1,600, followed by the $1,500 zone.
Key Resistance Levels – $1,725 and $1,760.