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HomeMarket AnalysisEthereum dropped below $1,500 – Recovery Might Be Capped

Ethereum dropped below $1,500 – Recovery Might Be Capped

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Ethereum dropped below $1,500, after first dropping below the $1,600 level, against the US dollar. A rebound of the cryptocurrency might be met with difficulties.

Ethereum continued to fall below the $1,600 and $1,500 support levels.

The price has dropped below $1,500 and the 100 hourly simple moving average.

On the hourly chart of ETH/USD, a significant negative trend line is forming with resistance near $1,480.

The pair may correct higher, but gains over $1,500 may be restricted.

We have seen that Ethereum dropped below $1,500 after experiencing a hike in price last week.

Ethereum dropped below $1,500 – Recovery Might Be Capped crypto
Ethereum Price Chart – 24 hours. Source: CoinGecko

ETH Price Takes A Hit

Ethereum has stalled above the $1,660 and $1,675 resistance levels. ETH began a new fall and traded below the critical $1,600 support level.

It allowed for a drop below the $1,550 and $1,500 support levels. The price of ether fell below $1,500 and the 100 hourly simple moving average. A bottom was created near $1,423, and the price is presently recouping losses.

On the upside, an immediate resistance is at $1,460. The first significant barrier is already emerging at $1,480. It is around the 23.6% Fib retracement level of the latest slide from the swing high of $1,707 to the low of $1,423.

On the hourly chart of ETH/USD, a significant negative trend line is forming with resistance near $1,480. The next significant barrier is at $1,540 and the 100 hourly simple moving average.

The 50% Fib retracement of the latest slide from the $1,707 swing high to the $1,423 low is very close to the $1,565 level. A decisive break above $1,565 might drive the price towards $1,600 resistance. Any more increases may pave the way for a challenge of the $1,650 resistance.

More Losses In Ethereum?

If Ethereum fails to break through the $1,480 barrier level, it may continue to fall. On the downside, initial support is approaching $1,425.00.

The next key support is at $1,400, below which the price of ether may begin to fall. In the aforementioned scenario, the price may fall to $1,320. Any more declines might push the price down below $1,250.

The Merge And Beyond

Six years after its first conception the Merge is becoming a reality in mid-September (September 15th). This, most significant upgrade on the Ethereum network will impact not only the price of ETH, but will have some sort of effect on Bitcoin and the rest of the altcoins.

During the testing of the Merge (that happened this Summer) we have seen several ETH rallies, but how will the upgrade, once completed, affect ETH prices.

Experts believe that the hype around the upgrade will lift the prices in the short term, with data from Glassnote supporting this notion. We might be looking at a very bullish September

For the long term, on the other hand, it is very difficult to predict, and we should expect a hype drop sometime after September, with prices again dependent on market conditions.

Read the latest crypto news.

 

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