Ethereum Breaks Key Support, Why ETH Could Tumble To $1,500

Ethereum is gaining bearish momentum below $1,800 against the US Dollar. ETH price is likely to continue lower and it might even test the $1,500 level in the near term.

Ethereum started a fresh decline and it even traded below the $1,850 support zone.
The price is still trading well below the $1,800 resistance and the 100 hourly simple moving average.
There is a major bearish trend line forming with resistance near $1,820 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is likely to continue lower below the $1,720 and $1,650 support levels in the near term.

Ethereum Price Accelerating Lower
Ethereum is clearly following a bearish path from well above $1,950, similar to bitcoin. ETH price broke the $1,900 support and it settled well below the 100 hourly simple moving average.
The price even declined below the $1,850 support and $1,800. A low is formed near $1,722 and the price is now showing signs of more losses in the near term. On the upside, an initial resistance is near the $1,770 level.
The 23.6% Fib retracement level of the recent drop from the $1,920 swing high to $1,722 low is also near $1,770. The next key resistance is near the $1,800 level. There is also a major bearish trend line forming with resistance near $1,820 on the hourly chart of ETH/USD.
The trend line is close to the 50% Fib retracement level of the recent drop from the $1,920 swing high to $1,722 low. To move into a positive zone, the price must climb above the $1,800 and $1,820 resistance levels.

Source: ETHUSD on TradingView.com
A proper break above the trend line resistance could initiate a move towards the $1,950 level. The next major resistance is near the $2,000 zone.
More Losses in ETH?
If Ethereum fails to recover above $1,770 and $1,820, it could continue to move down. An initial support on the downside is near the $1,720 level.
The first major support is near the $1,650 level. If ether fails to stay above the $1,650 support, it could decline towards the $1,600 support. Any more losses could set the pace for a drop towards the $1,500 support zone in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now gaining pace in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now close to the 20 level.
Major Support Level – $1,650
Major Resistance Level – $1,820

Ora Goodwin
Ora Goodwin
I am a well-known and respected author in the cryptocurrency field. I have been writing about Bitcoin and other digital currencies for over 5 years, and my work has appeared in some of the most respected publications in the space. I am also a regular speaker at industry events, and my insights into the crypto market are highly sought after by both media and investors. In addition to my writing and speaking engagements, I am also an active advisor to several blockchain startups, and I sit on the board of directors for the Blockchain Education Network.

Similar Articles

Most Popular

Why Integrity Matters More Than Profits in Crypto Industry

Known for its dynamic and innovative technology, the crypto industry has seen explosive growth in its user base in recent years. According to Statista,...

5ire Token Set To Launch on Bybit Exchange: December 05

- Brace yourselves for a groundbreaking moment as 5ire prepares to unleash the 5ire token on Bybit Exchange on December 05, igniting a...

Cryptocurrency Unleashed: Haryaneaaleindiankaran’s Social Media Evolution

In a digital era where social media influencers often capture the spotlight, one TikTok sensation has transcended his platform, becoming not just a crypto...

QuickSwap integrates dappOS V2 to provide intent-centric UX

QuickSwap, the top-ranked decentralized exchange in the Polygon ecosystem, has integrated dappOS V2 to provide intent-centric user experience and bring new exciting features. Firstly, dappOS...

The Earn Network Announces Upcoming $EARN Token Public Sale – Starting on November 24, 2023 on Leading Launchpads

The Earn Network, a decentralized platform at the forefront of yield generation in the DeFi sector, is thrilled to announce the public sale of...

CAGA Crypto Launches into the Market with Impressive results: Token Trends and Volume Analysis

CAGA Crypto Launched into the Market with Impressive Results and significantly surged in price just a day after its listing.  At its listing,...

Stader Labs integrates dappOS V2 to offer intent-centric UX

Singapore, — The innovative staking platform Stader Labs has integrated dappOS V2 to offer intent-centric user experience and new powerful features.  dappOS unified account...

Chappyz Announces Token Listing on Tier-1 Exchanges After Raising Over $1M During IDO

The platform's token, $CHAPZ, is set to go live on Bitget and Gate.io on Monday, November 13, 12 pm UTC. (London, United Kingdom, November...