TA: Ethereum Nosedives, Why $1,500 Is The Key For More Losses

Ethereum failed to test $1,700 and started a major decline against the US Dollar. ETH declined over 7% and there was a move below the $1,540 support. Ethereum started a major decline below the $1,600 and $1,540 support levels. The price is now trading below $1,600 and the 100 hourly simple moving average. There was a break below a major bullish trend line with support near $1,570 on the hourly chart of ETH/USD (data feed via Kraken). The pair must stay above the $1,500 support to avoid more losses in the near term. Ethereum Trimmed Gains Ethereum climbed above the $1,620 and $1,650 resistance levels. However, ETH failed to test the $1,700 resistance zone. A high was formed near the $1,686 level and there was a sharp bearish wave, similar to bitcoin. The price declined below the $1,620 and $1,600 support levels. There was a break below a major bullish trend line with support near $1,570 on the hourly chart of ETH/USD. The pair even broke the $1,540 support level and the 100 hourly simple moving average. Ether price spiked below the $1,500 level and a low is formed at $1,490. It is now consolidating losses above the $1,500 level. An immediate resistance on the upside is near the $1,520 level. The next major resistance is now forming near the $1,540 level. It is near the 23.6% Fib retracement level of the recent decline from the $1,686 swing high to $1,490 low. A clear move above the $1,540 level might push the price towards the ...