- ETH struggles below $1,500 with bearish momentum and rising trading volume.
- Immediate support at $1,400, with $1,350–$1,370 as the next key zone.
- RSI indicates oversold conditions, but MACD signals continued bearish pressure.
Ethereum (ETH) has seen a sharp decline recently, falling below the $1,500 mark. As of press time, ETH is priced at $1,491.51, marking a significant drop of 16.78%. This downward trend has raised concerns among traders and investors.
Price Action and Trend
ETH’s price started the day at approximately $1,791.5, but soon experienced a steady decline. It quickly lost momentum, plummeting to a low point below $1,400. Following this sharp drop, a slight recovery occurred, but the cryptocurrency ultimately closed at $1,491.5. This price level is still far from its initial position, signaling bearish sentiment in the market.
Support and Resistance Levels to Watch
The current price action indicates some important support and resistance zones to monitor. First, the immediate support is seen around $1,400.
This level acted as a floor during the recent sell-off, with ETH bouncing back after touching it. If ETH falls below $1,400, the next support levels to consider are between $1,350 and $1,370. This region is a crucial area where buyers may step in.
On the resistance side, ETH has struggled to stay above the $1,600 mark. After initially dropping, it failed to regain this level, indicating it may now act as a resistance zone. Moreover, the $1,700–$1,750 range is a significant barrier, as ETH was unable to break through it during the prior rally.
Volume Surge and Market Sentiment
A noticeable factor in today’s market is the massive surge in trading volume. The 24-hour trading volume increased by an astonishing 490.61%, suggesting panic selling or capitulation.
This drastic volume spike often signals heightened market fear and potential trend reversals. However, it could also indicate that downward momentum is not yet exhausted, and further volatility may be ahead.
Technical Indicators and Outlook
The Relative Strength Index (RSI) stands at 25.54, well below the oversold threshold of 30. This suggests ETH may be oversold and due for a short-term bounce. Historically, such conditions often lead to consolidation or a brief reversal. However, there is no certainty in these patterns.
The Moving Average Convergence Divergence (MACD) also indicates a strong bearish trend. The MACD line is at -128.9, and the signal line is at -107.0, with the histogram showing increasing negativity. This suggests that the downward momentum is accelerating, and bears remain in control.
