Ethereum price continued its decline below $1,500 against the US Dollar. According to renowned analyst Aayush Jindal, who made successful assumptions, Ethereum price collapsed as low as $1,350 and is currently recovering above the $1,550 pivot level.
- Ethereum price broke the $1500 support area and even settled below $1400 before correcting higher.
- The price is currently trading above $1,600 but below the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $1,630 on the hourly chart of ETH/USD
- (information feed via Kraken).
- According to the analyst, the pair could either scale above $1,650 or fall right to the $1,500 support.
Analyst: Ethereum price could fall to $1,500 gain in real terms!
Ethereum price failed to stay above the $1,600 and $1,500 reinforcement levels. ETH even extended its decline below the $1,450 reinforcement level, falling well below the 100 hourly moving average, similar to Bitcoin. Also, there was a drop below the $1,400 level and the price fell as low as $1,357. The price is currently correcting losses and trading above $1,500. There was a break above the 50% Fib retracement level of the recent decline
. Ethereum price is currently trading quickly above the $1,600 level, but it is still well below the 100 hourly moving average. There is a major bearish trend line forming with resistance near $1,630 on the hourly chart of ETH/USD.
Here are the short-term levels
The pair is currently aiming to break the 61.8% Fib retracement level of the last decline. To continue higher, the price needs to scale above the $1,640 and $1,650 resistance levels. The next major resistance on the upside is $1,700. According to the analyst, further interests may push the price down to the $1,780 level.
Ethereum price could see renewed decline if it fails to stay above trendline resistance and $1,650. The first reinforcement on the downside is near $1,580, according to the analyst. The first major reinforcement is near $1,500 according to the analyst. The main support is now forming near $1,500 where ETH price is likely to revisit $1,400 in the short term.
Ethereum price latest view with technical indicators
Hourly MACD: The MACD for ETH/USD is slowly gaining momentum in the bullish zone .
Hourly RSI: The RSI for ETH/USD is currently above the 50 level.
Main resistance level: $1,650.