Why Ethereum Price Dropped Below $1,500, FTT And BNB Provoking A Downtrend

Ethereum has broken below the $1,500 support for the USD and has begun a significant decline. ETH faced increased selling after the market sold off his FTT, SOL, and DOGE.

• Ethereum has started a major decline below the $1,550 and $1,500 levels.
• The price is currently trading below $1,500 and the 100 hour simple moving average.
• The ETH/USD hourly chart (data feed via Kraken) has formed a large bearish trendline with resistance near $1,570.
• The pair is down more than 7% and is at risk of falling below the $1,420 support.

Ethereum price plunge

Ethereum failed to sustain the $1,600 levels and started a significant decline. BTC has broken out of major supports near his $1,550 and 100 hour simple moving average.

The recent drama and declines in FTT and SOL have caused the market to crash. Bitcoin, Ripple and BNB face mounting selling pressure. Ether price has fallen more than 7%, well below the 76.4% Fib retracement level of the main rally from swing lows of $1,500 to highs of $1,675.

The price is currently below $1,500 and the 100 hour simple moving average. It is trading near the 1.236 Fib expansion level of the major increase from swing lows of $1,500 to highs of $1,675.

The immediate resistance to the upside is near the $1,500 levels. The next major resistance is near $1,540 or the recent breakdown zone. A major bearish trend line has also formed with resistance near $1,570 on the ETH/USD hourly chart.

Source: ETHUSD on TradingView.com

A clear breakout of the $1,570 resistance could lead to a modest rally. In this case, the price could rise to $1,620. Any further gains could send the price towards the $1,675 resistance zone.

Further loss of ETH?

If Ethereum fails to break out of the $1,500 resistance, it may continue to fall. The first support on the downside is near $1,460.

The next major support is near $1,420, below which the price of Ether will probably extend its losses. In the above scenario, the price is likely to fall towards the $1,350 support zone in the near term.

technical indicator

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

Hourly RSI – The ETH/USD RSI is currently below the 50 level.

Major Support Level – $1,460

Major Resistance Level – $1,540