Ethereum Price Hit Hard—10% Drop Sparks Selloff Fears

NewsBTC
Updated
Mitrade
coverImg
Source: DepositPhotos

Ethereum price failed to recover above $1,620 and dropped below $1,500. ETH is now consolidating losses and might face resistance near the $1,520 zone.


Ethereum failed to stay above the $1,600 and $1,550 levels.

The price is trading below $1,550 and the 100-hourly Simple Moving Average.

There is a connecting bearish trend line forming with resistance at $1,520 on the hourly chart of ETH/USD (data feed via Kraken).

The pair remains at risk of more losses if it fails to clear the $1,410 resistance zone.


Ethereum Price Recovery Fades


Ethereum price failed to stay above the $1,620 support zone and extended losses, like Bitcoin. ETH declined heavily below the $1,550 and $1,520 levels.

The bears even pushed the price below the $1,450 level. A low was formed at $1,384 and the price recently corrected some losses. There was a move above the $1,410 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $1,617 swing high to the $1,384 low.


However, the bears are active near the $1,450 zone. Ethereum price is now trading below $1,500 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $1,475 level.


The next key resistance is near the $1,500 level or the 50% Fib retracement level of the downward move from the $1,617 swing high to the $1,384 low. The first major resistance is near the $1,520 level. There is also a connecting bearish trend line forming with resistance at $1,520 on the hourly chart of ETH/USD.


Ethereum Price


A clear move above the $1,520 resistance might send the price toward the $1,560 resistance. An upside break above the $1,560 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $1,620 resistance zone or even $1,650 in the near term.


Another Decline In ETH?


If Ethereum fails to clear the $1,520 resistance, it could start another decline. Initial support on the downside is near the $1,410 level. The first major support sits near the $1,385 zone.


A clear move below the $1,385 support might push the price toward the $1,320 support. Any more losses might send the price toward the $1,240 support level in the near term. The next key support sits at $1,120.


Technical Indicators

Hourly MACDThe MACD for ETH/USD is gaining momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now below the 50 zone.

Major Support Level – $1,410

Major Resistance Level – $1,520

* The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

goTop
quote
Do you find this article useful?
Related Articles
placeholder
Bitcoin is the sixth-largest asset worldwideBitcoin is the sixth-largest asset worldwide, beating Google.
Author  Beincrypto
Jun 27, Fri
Bitcoin is the sixth-largest asset worldwide, beating Google.
placeholder
Why Hasn't Ethereum Broken Through the $2,500 Key Level?Ethereum (ETH) fell nearly 1% in early trading on Friday. As of this writing, Ethereum is trading around $2,440.
Author  Insights
Jun 27, Fri
Ethereum (ETH) fell nearly 1% in early trading on Friday. As of this writing, Ethereum is trading around $2,440.
placeholder
Cardano Price Forecast: ADA eyes further losses as the MVRV ratio flips negative, long liquidations surgeCardano (ADA) is up 1% at press time on Friday, reversing after two consecutive bearish days. Still, the price action points to a declining trend within a falling channel, as bearish momentum remains intact. 
Author  FXStreet
Jun 27, Fri
Cardano (ADA) is up 1% at press time on Friday, reversing after two consecutive bearish days. Still, the price action points to a declining trend within a falling channel, as bearish momentum remains intact. 
placeholder
Ethereum Price Action Turns Bearish — Risk of Near-Term CorrectionEthereum price started a fresh increase above the $2,450 zone. ETH is now correcting gains from $2,520 and might slip to test the $2,320 zone.
Author  NewsBTC
Jun 27, Fri
Ethereum price started a fresh increase above the $2,450 zone. ETH is now correcting gains from $2,520 and might slip to test the $2,320 zone.
placeholder
XRP Price Under Pressure — Can It Maintain The Bullish Structure?XRP price started a downside correction from the $2.220 zone. The price is consolidating and might decline further toward the $2.020 support.
Author  NewsBTC
Jun 27, Fri
XRP price started a downside correction from the $2.220 zone. The price is consolidating and might decline further toward the $2.020 support.
Real-time Quote