Ethereum may fall to $ 1400

The price of Ethereum ETH $2,370.16 Bridged Ether (StarkGate) 1.98% Market capitalization $44.72 million VOL. 24 hours $0.59 billion continues to be under pressure, failing to gain a foothold above key resistance levels. After an unsuccessful attempt to break through $ 1,700, ETH went down again, breaking down to $ 1,650, $ 1,620, and $ 1,600. The lowest price for the last period was $ 1,538, after which there was a slight recovery, but the global trend remains negative.

A new bearish trend resistance level at $ 1,600 has appeared on the charts. In addition, an important milestone is the area around $ 1,615-$ 1,650. A breakout of this area could signal further growth and open the way to $ 1,690, and then to $ 1,750-$ 1,800. However, ETH is currently trading below the 100-hour simple moving average, which indicates that sellers are dominating the market.

From a technical standpoint, current indicators suggest that the bears are losing momentum — the MACD indicator is slowing in the red zone, and the RSI has already risen above 50, which may indicate a potential stabilization of the situation in the short term. Nevertheless, the market is still sensitive to further declines if $ 1,600 is not broken through.

In the event of a new wave of decline, the critical support level is the $ 1,535 zone. If Ethereum loses this milestone, the price could drop to $ 1,500, and in a bad scenario, to $ 1,420 or even $ 1,400. These levels have been accumulation zones in previous periods and can play the role of a «last line of defense.»

Overall, the Ethereum market is currently in a phase of uncertainty. The decisive moment will be the reaction to the $ 1,600-$ 1,650 zone. A breakout higher could kick off new growth, while a failure would strengthen the bearish trend and open the way to new local lows.