Ethereum Price Drops Below $1,500 Amid Ongoing Selloff Concerns

Ethereum price has dropped below $1,500, struggling to recover above $1,620.

Failed to maintain levels above $1,600 and $1,550.
Trading below $1,550 and the 100-hourly Simple Moving Average.
Resistance forming at $1,520 due to a bearish trend line.
Further declines expected if unable to clear $1,410 resistance.

Ethereum Price Overview

Ethereum's price decline follows a failure to hold above key support zones. A low of $1,384 was reached, with some correction observed. Currently, it trades under $1,500, facing resistance around $1,475.

The next significant resistance is at $1,520. A successful break above this level could push prices toward $1,560 and potentially $1,620.

Potential for Further Decline

If Ethereum does not surpass the $1,520 resistance, another decline may occur. Initial support is near $1,410, with major support at $1,385. A drop below $1,385 could lead to further losses down to $1,320 or $1,240.

Technical Indicators:

Hourly MACD shows increasing bearish momentum.
Hourly RSI is below 50.
Major Support Level: $1,410
Major Resistance Level: $1,520