Ethereum Price Crashes Below $1,500, Why FTT and BNB Sparked Downtrend
November 07 2022 - 11:24PM
NEWSBTC
Ethereum started a major decline below the $1,500 support against
the US Dollar. ETH faced an increase in selling after the market
dumped FTT, SOL, and DOGE. Ethereum started a major decline below
the $1,550 and $1,500 levels. The price is now trading below $1,500
and the 100 hourly simple moving average. There is a major bearish
trend line forming with resistance near $1,570 on the hourly chart
of ETH/USD (data feed via Kraken). The pair is down over 7% and
there is a risk of a move below the $1,420 support. Ethereum Price
Dives Ethereum failed to stay above the $1,600 level and started a
major decline. BTC broke a major support near the $1,550 level and
the 100 hourly simple moving average. The recent drama and decline
in FTT and SOL caused the market crash. Bitcoin, ripple, and BNB
faced an increase in selling pressure. Ether price declined over 7%
and there was a strong decline below the 76.4% Fib retracement
level of the main increase from the $1,500 swing low to $1,675
high. The price now trading below $1,500 and the 100 hourly simple
moving average. It is trading near the 1.236 Fib extension level of
the main increase from the $1,500 swing low to $1,675 high. An
immediate resistance on the upside is near the $1,500 level. The
next major resistance is near the $1,540 level or the recent break
down zone. There is also a major bearish trend line forming with
resistance near $1,570 on the hourly chart of ETH/USD. Source:
ETHUSD on TradingView.com A clear break above the $1,570 resistance
could set the pace for a decent increase. In the stated case, the
price could rise to the $1,620 level. Any more gains might send the
price toward the $1,675 resistance zone. More Losses in ETH? If
ethereum fails to climb above the $1,500 resistance, it could
continue to move down. An initial support on the downside is near
the $1,460 level. The next major support is near the $1,420 level,
below which ether price may perhaps extend losses. In the stated
scenario, the price could decline towards the $1,350 support zone
in the near term. Technical Indicators Hourly MACD – The MACD for
ETH/USD is now gaining momentum in the bearish zone. Hourly RSI –
The RSI for ETH/USD is now below the 50 level. Major Support Level
– $1,460 Major Resistance Level – $1,540
Ripple (COIN:XRPUSD)
Historical Stock Chart
From Aug 2024 to Sep 2024
Ripple (COIN:XRPUSD)
Historical Stock Chart
From Sep 2023 to Sep 2024