ETH opened sharply below $1,450 and tested the $1,400 support area. ETH has now consolidated its losses as the price has also hit a low near $1402. According to the data provided by CoinMarketCap, the price of ETH has fallen by 60% to 65% in the past 24 hours. At the time of writing, ETH is trading at $1,424.79.
The immediate immediate resistance is around $1,440 and the first major resistance is around $1,450. It was near 23, the 6% Fibonacci retracement level of the move from the $1,662 high to $1,402 low.
ETH/USDT hourly chart (Source: CoinMarketCap)
ETH/USDT also formed a key bearish trend line with resistance around $1,460 on the hourly chart. ETH can significantly break above the trend resistance and its price may rise towards the $1,500 level. The next major resistance will be $1550.
If ETH fails to break the $1,460 resistance, its price could continue to decline. An initial support line is around $1,400.
A sharp break below the $1,400 support line could lead the price towards the $1,375 support line. Any more pressure could lead to the $1,300 support line for ETH.
