Ethereum gained bearish momentum below the $1,500 support against the US Dollar. ETH must stay above $1,400 to start a recovery wave. Ethereum remained in a bearish zone and extended losses below $1,500. The price is now trading below $1,500 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $1,460 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a recovery wave unless there is a clear move below the $1,400 support. Ethereum Price Breaks Down Ethereum failed to recover losses and trade above the $1,550 level. ETH started another decline and traded below the key $1,500 support zone. It opened the doors for a sharp decline below the $1,450 level. Ether price even tested the $1,400 support zone. A low is formed near $1,402 and the price is now consolidating losses. It is now trading below $1,500 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $1,440 level. The first major resistance is near the $1,450 zone. It is near the 23.6% Fib retracement level of the downward move from the $1,662 swing high to $1,402 low. There is also a key bearish trend line forming with resistance near $1,460 on the hourly chart of ETH/USD. A clear move above the trend resistance might send the price towards the $1,500 level. The next major resistance could be $1,550. Source: ETHUSD on TradingView.com It is near the 50% Fib retrace...
