The price of Ethereum was unable to break over the $1,560 and $1,565 levels of resistance. The price of ETH reached its high around $1,565 and then began a significant decrease, much like bitcoin did.
There was a precipitous drop that took place below the support zone at $1,500. The price dropped by more than 8%, and bears were successful in driving the price down below the $1,450 support level. About $1,409 has been the location of a new monthly low, and the price is currently consolidating losses.
The price of ether is currently trading at a level that is significantly lower than $1,500 and the 100 hourly simple moving average. To the upside, the price is encountering opposition close to the zone of 1,425 dollars. On the hourly chart of ETH/USD, there is also the formation of a short-term contracting triangle with resistance near $1,425 in the area.
The first significant obstacle is located close to the zone of $1,450. It is currently trading close to the 23.6% Fib retracement level of the latest drop from the swing high of $1,565 to the low of $1,409.
The area close to 1,485 dollars represents the next significant point of resistance. The primary source of opposition is located close to the $1,500 zone or the 50% Fibonacci retracement level of the current fall from the swing high of $1,565 to the low of $1,409. A successful closing at or above the $1,500 resistance zone may signal the beginning of a sustained price climb. In this scenario, there is a possibility that the price would advance closer to the resistance level of $1,565.
If Ethereum is unable to break through the resistance level of $1,450, the price may continue to fall down. At the level of $1,410 is where early support on the downside can be found. The area around 1,400 dollars represents the next significant support. In the event that $1,400 is broken below, the price may continue to fall towards $1,340. It is possible that the $1,280 level will be tested if the market experiences any additional losses.