Ethereum Price Hit Hard—10% Drop Sparks Selloff Fears

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Ethereum price failed to recover above $1,620 and dropped below $1,500. ETH is now consolidating losses and might face resistance near the $1,520 zone.

• Ethereum failed to stay above the $1,600 and $1,550 levels.
• The price is trading below $1,550 and the 100-hourly Simple Moving Average.
• There is a connecting bearish trend line forming with resistance at $1,520 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair remains at risk of more losses if it fails to clear the $1,410 resistance zone.

Ethereum Price Recovery Fades

Ethereum price failed to stay above the $1,620 support zone and extended losses, like Bitcoin. ETH declined heavily below the $1,550 and $1,520 levels.

The bears even pushed the price below the $1,450 level. A low was formed at $1,384 and the price recently corrected some losses. There was a move above the $1,410 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $1,617 swing high to the $1,384 low.

However, the bears are active near the $1,450 zone. Ethereum price is now trading below $1,500 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $1,475 level.

The next key resistance is near the $1,500 level or the 50% Fib retracement level of the downward move from the $1,617 swing high to the $1,384 low. The first major resistance is near the $1,520 level. There is also a connecting bearish trend line forming with resistance at $1,520 on the hourly chart of ETH/USD.

Source: ETHUSD on TradingView.comA clear move above the $1,520 resistance might send the price toward the $1,560 resistance. An upside break above the $1,560 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $1,620 resistance zone or even $1,650 in the near term.

Another Decline In ETH?

If Ethereum fails to clear the $1,520 resistance, it could start another decline. Initial support on the downside is near the $1,410 level. The first major support sits near the $1,385 zone.

A clear move below the $1,385 support might push the price toward the $1,320 support. Any more losses might send the price toward the $1,240 support level in the near term. The next key support sits at $1,120.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 zone.

Major Support Level – $1,410

Major Resistance Level – $1,520