Ethereum has gained bearish momentum below the $1,500 support level compared to the US dollar. To begin a recovery wave, ETH must remain above $1,400. ETHEREUM remained in a bearish zone, with losses extending below $1,500. The price has dropped below $1,500 and the 100 periods SMA (simple moving average).

On the hourly chart of ETH/USD, a key bearish trend line is forming with resistance near $1,460. Unless there is a clear move below the $1,400 support, the pair could begin a recovery wave.

Ethereum Price Analysis

Ethereum was unable to recoup losses and trade above the $1,550 mark. ETH began another decline and traded below the critical $1,500 support level. It paved the way for a precipitous drop below $1,450. The price of ether even tested the $1,400 support level. A low near $1,402 has been formed, and the price is now consolidating losses. It trades under $1,500 and below the 100 hourly simple moving average.

On the upside, immediate resistance is near $1,440. The first significant resistance is located near $1,450. It is close to the 23.6 percent Fib retracement level of the decline from the $1,662 swing high to the $1,402 low.

On the hourly chart of ETH/USD, a key bearish trend line is forming with resistance near $1,460. A clear break above the trend resistance could push the price to $1,500. The next significant resistance level could be $1,550.

It is close to the 50% Fib retracement level of the decline from the $1,662 swing high to the $1,402 low. The main breakout zone is currently forming near $1,550. A clear move above $1,550 could kick-start a decent increase.

More ETH Losses?

If Ethereum fails to break through the $1,460 resistance level, it may continue to fall. On the downside, initial support is near $1,400.

A clear break below the $1,400 support level could push the price down to the $1,375 support level. Any further losses could push the price of ether below the $1,300 mark. Good luck!