Ethereum, that capricious child of the crypto world, stumbled and fell, failing to hold its ground above $1,620. Now, it languishes below $1,500, licking its wounds and eyeing the $1,520 zone with trepidation.
- Ethereum, like a drunk sailor, couldn’t stay afloat above $1,600 or even $1,550.
- It’s now trading below $1,550, trailing behind the 100-hourly Simple Moving Average like a lost puppy.
- A bearish trend line, as menacing as a winter storm, looms with resistance at $1,520 on the hourly chart of ETH/USD (courtesy of Kraken).
- If it can’t break past $1,410, Ethereum might just tumble further into the abyss.
Ethereum’s recovery, much like a candle in the wind, flickered and faded. It couldn’t cling to the $1,620 support, and like its sibling Bitcoin, it plunged below $1,550 and $1,520. The bears, those relentless beasts, even dragged it below $1,450, scraping a low of $1,384. A feeble attempt at recovery saw it climb above $1,410, but the bears are already sharpening their claws near $1,450.
Now, Ethereum trades below $1,500, struggling against the 100-hourly Simple Moving Average. The $1,475 level stands as a formidable hurdle, and the next key resistance is near $1,500. A bearish trend line at $1,520 on the hourly chart of ETH/USD adds to the drama.
If Ethereum somehow manages to break past $1,520, it might aim for $1,560, and who knows, maybe even $1,620 or $1,650. But let’s not get ahead of ourselves—this is Ethereum we’re talking about.
If it fails to conquer $1,520, another decline is on the cards. Initial support is near $1,410, with major support at $1,385. A drop below $1,385 could send it spiraling toward $1,320, and if the bears really get their way, $1,240 or even $1,120.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone, like a snowball rolling downhill.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone, signaling weakness.
Major Support Level – $1,410
Major Resistance Level – $1,520
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2025-04-09 06:32