10 March 2023 05:15, UTC
Reading time: ~2 m
Ethereum price is down over 8% and trading below $1,450 against the US Dollar. ETH remains at risk of a larger decline towards $1,350 in the near term.
- Ethereum started a major decline from the $1,565 resistance zone.
- The price is trading below $1,500 and the 100 hourly simple moving average.
- There is a short-term contracting triangle forming with resistance near $1,425 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could correct higher if there is a move above the $1,450 resistance zone.
Ethereum Price Dives Over 8%
Ethereum price failed to clear the $1,560 and $1,565 resistance levels. ETH formed a high near $1,565 and started a major decline, similar to bitcoin.
There was a sharp move below the $1,500 support zone. The price declined over 8% and the bears were able to push the price below the $1,450 support. A new monthly low is formed near $1,409 and the price is now consolidating losses.
Ether price is trading well below $1,500 and the 100 hourly simple moving average. On the upside, the price is facing resistance near the $1,425 zone. There is also a short-term contracting triangle forming with resistance near $1,425 on the hourly chart of ETH/USD.
The first major resistance is near the $1,450 zone. It is near the 23.6% Fib retracement level of the recent decline from the $1,565 swing high to $1,409 low.
Source: ETHUSD on TradingView.com
The next major resistance is near the $1,485 level. The main resistance is near the $1,500 zone or the 50% Fib retracement level of the recent decline from the $1,565 swing high to $1,409 low. A close above the $1,500 resistance zone might start a steady increase. In this case, the price may perhaps rise towards the $1,565 resistance level.
More Losses in ETH?
If ethereum fails to clear the $1,450 resistance, it could continue to move down. An initial support on the downside is near the $1,410 level.
The next major support is near the $1,400 zone. If there is a break below $1,400, the price might drop towards $1,340. Any more losses might call for a test of the $1,280 level.
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 30 level.
Major Support Level – $1,400
Major Resistance Level – $1,450
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