Against the U.S. dollar, the price of Ethereum has decreased by more than 8 percent and is now trading below $1,450. In the immediate future, ETH is vulnerable to a greater slide toward $1,350.
The price of Ethereum was unable to surpass the $1,560 and $1,565 barrier levels. Like bitcoin, ETH established a high at $1,565 and then began a significant drop.
There was a significant decline under the $1,500 support zone. The price fell by over 8%, and bears could knock it below the $1,450 support level. Around $1,409, a new monthly low is forming, and the price is now consolidating losses.
The price of ether is trading much lower than $1,500 and the 100-hour simple moving average. Around the $1,425 zone, the price encounters resistance on the upswing. In the hourly chart of ETH/USD, a short-term contracting triangle is forming with resistance at $1,425.
At the $1,450 zone comes the first significant resistance. It is close to the 23.6% Fibonacci retracement level of the latest slide from the swing high of $1,565 to the low of $1,409.
The next significant resistance level is $1,485. The primary barrier is close to the $1,500 zone or the 50% Fibonacci retracement level of the current slide from the swing high of $1,565 to the low of $1,409. A closure above the $1,500 resistance zone might initiate an upward trend. In this instance, the price may increase to the $1,565 level of resistance.
If Ethereum fails to surpass the $1,450 barrier, it may continue to decline. The $1,410 level is an early support on the downside.
The next significant support is close to the $1,400 zone. If the price falls under $1,400, it may reach $1,340. Further losses might prompt a challenge of the $1,280 barrier.
Also Read: Hedera Blockchain Is Experiencing Technical Issues, According To The HBAR Foundation
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