The price of ETH continued to fall after failing to get beyond $1,550. Above the price of ETH, there is the 100-hourly simple moving average (SMA). The price of ETH may drop further if it is unable to overcome the $1,460 resistance.
Losses were not recouped, as Ethereum (ETH) was unable to trade beyond $1,550. As a result, ETH’s price started to decrease again, falling below the crucial $1,500 support level. Additionally, the price of ETH is trading under the 100-hour simple moving average (SMA). ETH began the day with a steep drop below $1,450 and a test of the $1,400 support area. As the price of ETH now consolidates its losses, it too reached a bottom at $1,402.
ETH Below All Expectations
According to the data, the price of ETH has decreased by 6.65 percent during the last day. ETH is now trading for $1,424.79. The area around $1,440 is an immediate upward barrier, while the $1,450 region represents the first significant barrier. It is close to the 23.6 percent Fibonacci retracement level of the decline from the swing high of $1,662 to the low of $1,402. On the hourly chart for ETH/USDT, there is also a significant negative trend line forming with resistance close to $1,460. If it can make a decisive move over the trend barrier, the price of ETH might increase above the $1,500 mark. Then, $1,550 will provide the next significant obstacle.
If ETH’s price is unable to surpass the $1,460 barrier, it can keep decreasing. Near the $1,400 region is the first area of support on the downside. The price may be forced into the $1,375 support area if there is a definite move below the $1,400 level. If there is any further pressure, ETH’s price might fall to the $1,300 support.