ETH even declined below $1,500 and now any recovery could face hurdles

News Aug 29, 2022 481

Ethereum Dives Below $1,500, Why Recovery Could Be Capped

ETH even declined below $1,500 and now any recovery could face hurdles

Ethereum began a significant decrease below the $1,600 zone against the US Dollar. ETH even declined underneath $1,500 and presently any recuperation could confront obstacles.

Ethereum extend its drop below the $1500 and $1600 levels, Ethereum price is right now trading below $1500 and the 100 hourly moving on an average.

The live Ethereum price today is $1,445.90 USD with a 24-hour trading volume of $14,388,967,878 USD. Ethereum is down 3.10% in the last 24 hours. The current CoinMarketCap ranking is #2, with a live market cap of $176,621,395,788 USD. It has a circulating supply of 122,153,273 ETH coins

Source : CoinMarketCap

It opened the entryways for a move underneath the $1,550 and $1,500 support levels. Ether's price even settled below the $1,500 level and the 100 hourly moving average. A low was formed close to the $1,423 level and the price is currently revising misfortunes.

A prompt obstruction on the potential gain is close to the $1,460 level. The main significant obstruction is presently framing close to the $1,480 level. It is close to the 23.6% Fib retracement level of the new downfall from the $1,707 swing high to the $1,423 low.

There is a key bearish trend border with approx $1480 on the hourly chart of ETH/USD the next big resistance is approx the $1540 level and the 100 hourly simple moving average.

Source: ETHUSD on TradingView.com

The half Fib retracement level of the new decline from the $1,707 swing high to the $1,423 low is even close to the $1,565 level. also, the $1,565 level could send the cost towards a $1,600 obstruction. Additional increases may maybe open the entryways for a trial of the $1,650 opposition.

If Ethereum fails to transcend the $1,480 obstruction, it could keep on dropping down. An underlying help on the disadvantage is close to the $1,425 zone.

The following significant support is close to $1,400, beneath which ether price could speed up lower. In the expressed case, the price may maybe decline towards the $1,320 level. Additional misfortunes may maybe send the price towards the $1,250 level.