{"id":34480,"date":"2022-11-08T06:14:10","date_gmt":"2022-11-08T06:14:10","guid":{"rendered":"http:\/\/egrowonline.com\/?p=34480"},"modified":"2022-11-08T06:14:10","modified_gmt":"2022-11-08T06:14:10","slug":"ethereum-price-crashes-below-1500-why-ftt-and-bnb-sparked-downtrend","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=34480","title":{"rendered":"Ethereum Price Crashes Below $1,500, Why FTT and BNB Sparked Downtrend"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div>\n<p><em>Ethereum started a major decline below the $1,500 support against the US Dollar. ETH faced an increase in selling after the market dumped FTT, SOL, and DOGE.<\/em><\/p>\n<ul>\n<li>Ethereum started a major decline below the $1,550 and $1,500 levels.<\/li>\n<li>The price is now trading below $1,500 and the 100 hourly simple moving average.<\/li>\n<li>There is a major bearish trend line forming with resistance near $1,570 on the hourly chart of ETH\/USD (data feed via Kraken).<\/li>\n<li>The pair is down over 7% and there is a risk of a move below the $1,420 support.<\/li>\n<\/ul>\n<h2>Ethereum Price Dives<\/h2>\n<p>Ethereum failed to stay above the $1,600 level and started a major decline. BTC broke a major support near the $1,550 level and the 100 hourly simple moving average.<\/p>\n<p>The recent drama and decline in FTT and SOL caused the market crash. <a target=\"_blank\" href=\"https:\/\/www.newsbtc.com\/analysis\/btc\/bitcoin-price-major-drop-risk-20k\/\" rel=\"noopener\">Bitcoin<\/a>, <a target=\"_blank\" href=\"https:\/\/www.newsbtc.com\/analysis\/xrp\/xrp-price-spikes-10-and-could-extend-rally-to-0-55-or-higher\/\" rel=\"noopener\">ripple<\/a>, and BNB faced an increase in selling pressure. Ether price declined over 7% and there was a strong decline below the 76.4% Fib retracement level of the main increase from the $1,500 swing low to $1,675 high.<\/p>\n<p>The price now trading below $1,500 and the 100 hourly simple moving average. It is trading near the 1.236 Fib extension level of the main increase from the $1,500 swing low to $1,675 high.<\/p>\n<p>An immediate resistance on the upside is near the $1,500 level. The next major resistance is near the $1,540 level or the recent break down zone. There is also a major bearish trend line forming with resistance near $1,570 on the hourly chart of ETH\/USD.<\/p>\n<p><a target=\"_blank\" href=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2022\/11\/Ethereum-6.png\" rel=\"noopener\"><img decoding=\"async\" loading=\"lazy\" class=\"alignnone size-full wp-image-509756\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2022\/11\/Ethereum-6.png\" alt=\"Ethereum Price\" width=\"1834\" height=\"845\" srcset=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2022\/11\/Ethereum-6.png 1834w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2022\/11\/Ethereum-6-460x212.png 460w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2022\/11\/Ethereum-6-860x396.png 860w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2022\/11\/Ethereum-6-768x354.png 768w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2022\/11\/Ethereum-6-1536x708.png 1536w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2022\/11\/Ethereum-6-750x346.png 750w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2022\/11\/Ethereum-6-1140x525.png 1140w\" \/><\/a><\/p>\n<p>Source: <a target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/ETHUSD\/\" rel=\"noopener\">ETHUSD on TradingView.com<\/a><\/p>\n<p>A clear break above the $1,570 resistance could set the pace for a decent increase. In the stated case, the price could rise to the $1,620 level. Any more gains might send the price toward the $1,675 resistance zone.<\/p>\n<h2>More Losses in ETH?<\/h2>\n<p>If ethereum fails to climb above the $1,500 resistance, it could continue to move down. An initial support on the downside is near the $1,460 level.<\/p>\n<p>The next major support is near the $1,420 level, below which ether price may perhaps extend losses. In the stated scenario, the price could decline towards the $1,350 support zone in the near term.<\/p>\n<p>Technical Indicators<\/p>\n<p>Hourly MACD<strong> \u2013 <\/strong>The MACD for ETH\/USD is now gaining momentum in the bearish zone.<\/p>\n<p>Hourly RSI<strong> \u2013 <\/strong>The RSI for ETH\/USD is now below the 50 level.<\/p>\n<p>Major Support Level \u2013 $1,460<\/p>\n<p>Major Resistance Level \u2013 $1,540<\/p>\n<\/p><\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/news.google.com\/__i\/rss\/rd\/articles\/CBMiR2h0dHBzOi8vd3d3Lm5ld3NidGMuY29tL2FuYWx5c2lzL2V0aC9ldGhlcmV1bS1wcmljZS1jcmFzaGVzLWJlbG93LTE1MDAv0gEA?oc=5\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum started a major decline below the $1,500 support against the US Dollar. ETH faced an increase in selling after the market dumped FTT, SOL, and DOGE. Ethereum started a major decline below the $1,550 and $1,500 levels. The price is now trading below $1,500 and the 100 hourly simple moving average. There is a [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":19833,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[41],"tags":[564,3184,1902,158,3736,195,12203],"class_list":["post-34480","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-bnb","tag-crashes","tag-downtrend","tag-ethereum","tag-ftt","tag-price","tag-sparked"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/06\/shutterstock_146143109.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/34480","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=34480"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/34480\/revisions"}],"predecessor-version":[{"id":34481,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/34480\/revisions\/34481"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/19833"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=34480"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=34480"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=34480"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}