Ethereum Price On The Brink: 10% Drop Possible Toward $1,440

2023-10-19 04:50:29

Ethereum price settled below the $1,565 support zone against the US dollar. ETH is accelerating lower and might drop toward the $1,440 support.

Ethereum is gaining pace below the $1,550 support zone.
The price is trading just below $1,565 and the 100-hourly Simple Moving Average.
There is a connecting bearish trend line forming with resistance near $1,565 on the hourly chart of ETH/USD (data feed via Kraken).
The pair remains at risk of more downsides toward the $1,440 support.

Ethereum Price Turns At Risk

Ethereum started a fresh decline and settled below the $1,600 pivot level. ETH traded below the $1,565 and $1,550 support levels, like Bitcoin.

A low is formed near $1,542 and the price is now consolidating losses. The current price action suggests high chances of more losses. There is also a connecting bearish trend line forming with resistance near $1,565 on the hourly chart of ETH/USD.

Ethereum is now trading just below $1,565 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $1,565 level and the trend line. The 50% Fib retracement level of the downward move from the $1,585 swing high to the $1,542 low is also near the trend line.

The first major resistance is near the $1,575 zone or the 76.4% Fib retracement level of the downward move from the $1,585 swing high to the $1,542 low.

Source: ETHUSD on TradingView.com

A close above the $1,575 resistance might start a steady increase. In the stated case, Ether could start a recovery wave toward the $1,600 resistance. Any more gains might open the doors for a move toward $1,665.

More Losses in ETH?

If Ethereum fails to clear the $1,565 resistance, it could start another decline. Initial support on the downside is near the $1,540 level.

The next key support is $1,520. A downside break below the $1,520 support might spark sharp bearish moves. In the stated case, the price could drop toward the $1,440 level. Any more losses may perhaps send Ether toward the $1,350 level.

Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is now below the 50 level.

Major Support Level – $1,520

Major Resistance Level – $1,565

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