Ethereum Key Indicators Suggest A Strengthening Case For More Losses

Ethereum declined sharply from the $1,655 resistance zone against the US Dollar. ETH is struggling and remains at a risk of more losses below the $1,450 level.

Ethereum started a fresh decline after it failed to clear the $1,650 resistance zone.
The price is now trading below $1,550 and the 100 hourly simple moving average.
There is a major bearish trend line forming with resistance near $1,610 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could accelerate further lower below the $1,450 support zone in the near term.

Ethereum Price Starts Fresh Decline
Ethereum failed to gain strength for a move above the $1,650 and $1,660 resistance levels. ETH formed a top near the $1,653 level and started a fresh decline.
There was a steady decline below the $1,600 level and the 100 hourly simple moving average. The price even traded below the $1,550 and $1,520 support levels. There was a drop over around 10% and the price traded as low as $1,453.
Ether price is now consolidating losses above the $1,450 level and below the 100 hourly simple moving average. On the upside, the price is facing resistance near the $1,500 level. It is near the 23.6% Fib retracement level of the recent decline from the $1,653 swing high to $1,453 low.
The next major resistance is near the $1,550 and $1,560 levels. It is near the 50% Fib retracement level of the recent decline from the $1,653 swing high to $1,453 low.

Source: ETHUSD on TradingView.com
A clear break above $1,560 might send the price towards the $1,600 level. There is also a major bearish trend line forming with resistance near $1,610 on the hourly chart of ETH/USD. Any more gains may perhaps open the doors for a move towards the $1,650 resistance in the near term.
More Losses in ETH?
If ethereum fails to rise above the $1,500 resistance, it could continue to move down. An initial support on the downside is near the $1,450 zone.
The next major support is near $1,420. A downside break below the $1,420 support might another sharp decline. In the stated case, ether price might decline towards the $1,350 level.
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 – $1,450
Major Resistance Level – $1,550

Teresa Bach
Teresa Bach
Teresa is a crypto writer. He is interested in cryptocurrencies, technology, and in particular the subject of online security. An open supporter of freedom of speech, privacy, and equality for all. On a personal level, he likes to stay socially active, loves playing snooker, cricket, enjoys seafood, and loves listening to folk music.

Similar Articles

Most Popular

5 years of the ‘Top 10 Cryptos’ experiment and the lessons learned – Cointelegraph Magazine

When Redditor Joe Greene started the Top 10 Cryptos experiment in 2018, he bought $1,000 of Dash, NEM and Iota, among others, only to...

Satgas Rancang Roadmap Transisi Hidup Berdampingan dengan Covid-19

Satgas Rancang Roadmap Transisi Hidup Berdampingan dengan Covid-19 Satgas Penanganan Covid-19 sedang merancang peta jalan (roadmap) transisi menuju hidup berdampingan dengan Covid-19. Peta jalan ini...

Ethereum completes merge, Do Kwon faces arrest warrant and Bitcoin dives after rally: Hodler’s Digest, Sept. 11-17

Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption...

Toss in your job and make $300K working for a DAO? Here’s how – Cointelegraph Magazine

Increasing numbers of employees are quitting 9–5 corporate jobs to work for DAOs. While the money’s great, DAOs fall into a legal gray area,...
bitcoin
Bitcoin (BTC) $ 19,443.87
ethereum
Ethereum (ETH) $ 1,330.75
tether
Tether (USDT) $ 1.00
usd-coin
USD Coin (USDC) $ 1.00
bnb
BNB (BNB) $ 281.13
xrp
XRP (XRP) $ 0.465042
binance-usd
Binance USD (BUSD) $ 1.01
cardano
Cardano (ADA) $ 0.436107
solana
Solana (SOL) $ 33.55
dogecoin
Dogecoin (DOGE) $ 0.060512
polkadot
Polkadot (DOT) $ 6.41
shiba-inu
Shiba Inu (SHIB) $ 0.000011
dai
Dai (DAI) $ 1.00
staked-ether
Lido Staked Ether (STETH) $ 1,325.76
tron
TRON (TRX) $ 0.060300
matic-network
Polygon (MATIC) $ 0.743627
avalanche-2
Avalanche (AVAX) $ 17.22
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 19,429.69
uniswap
Uniswap (UNI) $ 6.32
okb
OKB (OKB) $ 15.56
leo-token
LEO Token (LEO) $ 4.13
litecoin
Litecoin (LTC) $ 53.60
chainlink
Chainlink (LINK) $ 7.78
ethereum-classic
Ethereum Classic (ETC) $ 27.54
cosmos
Cosmos Hub (ATOM) $ 12.86
ftx-token
FTX (FTT) $ 24.03
near
NEAR Protocol (NEAR) $ 3.56
crypto-com-chain
Cronos (CRO) $ 0.110433
stellar
Stellar (XLM) $ 0.108260
monero
Monero (XMR) $ 147.22
algorand
Algorand (ALGO) $ 0.344252
bitcoin-cash
Bitcoin Cash (BCH) $ 114.79
terra-luna
Terra Luna Classic (LUNC) $ 0.000280
quant-network
Quant (QNT) $ 130.64
flow
Flow (FLOW) $ 1.63
apecoin
ApeCoin (APE) $ 5.37
filecoin
Filecoin (FIL) $ 5.79
vechain
VeChain (VET) $ 0.022892
chain-2
Chain (XCN) $ 0.074368
internet-computer
Internet Computer (ICP) $ 6.00
frax
Frax (FRAX) $ 1.00
hedera-hashgraph
Hedera (HBAR) $ 0.057569
tezos
Tezos (XTZ) $ 1.43
decentraland
Decentraland (MANA) $ 0.698812
the-sandbox
The Sandbox (SAND) $ 0.843407
chiliz
Chiliz (CHZ) $ 0.234153
eos
EOS (EOS) $ 1.19
axie-infinity
Axie Infinity (AXS) $ 12.49
theta-token
Theta Network (THETA) $ 1.08
elrond-erd-2
Elrond (EGLD) $ 46.96