As per #technicalanalysis , ETH experienced a brief dip below the 200-day moving average, reaching a low of $1,408, before recovering slightly to trade closer to $1,450. However, despite this recovery, ETH/USD is still down by approximately 8.50% for the day.
The price of #Ethereum has experienced a significant drop of over 8.50% and is currently trading near $1,400 against the US Dollar. This decline puts ETH at risk of experiencing a larger drop towards $1,350 in the near future. Unfortunately, Ethereum's attempt to surpass the $1,560 and $1,565 resistance levels was unsuccessful. As a result, ETH formed a high near $1,570 and began a major decline, similar to that of bitcoin.
The bulls managed to hold the $1,500 zone for several days, but unfortunately, there was a sharp decline below this support level. The bears were able to push the price down by over 8.50%, causing it to fall below the $1,400 support level. As a result, a new monthly low was formed at around $1,391, and the #price is currently consolidating its losses.
According to #priceanalysis ETH is facing resistance at the $1,425 level, which is a positive sign. Additionally, there is a short-term contracting triangle forming on the hourly chart, with resistance at $1,425. The first significant resistance level is at $1,450, followed by the main resistance level at $1,500. If the price manages to break through this level, we may see a steady increase in value. In fact, it could potentially rise all the way up to the $1,570 resistance level.
Ethereum is currently facing a crucial challenge. It must surpass the $1,450 resistance level to avoid a downward trend. However, if it fails to do so, the price may continue to decline. In such a scenario, the initial support level would be around $1,350, followed by a major support zone near $1,300. If the price falls below this level, it could drop further towards $1,250. In the worst-case scenario, the price may even test the $1,200 level.
KEY LEVELS :
RESISTANCE LEVEL : $1,440-$1,480
SUPPORT LEVEL : $1,360-$1,320