TA: Ethereum Dives 10%, Why ETH Might Test $1,500

Ethereum extended decline below the $1,820 support against the US Dollar. ETH tested $1,730 and remains at a risk of more downsides in the near term. Ethereum gained bearish momentum and declined below $1,820. The price is now trading below $1,800 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $1,910 on the hourly chart of ETH/USD (data feed via Kraken). The pair is struggling and remains at a risk of more losses below $1,700. Ethereum Price Gains Bearish Momentum Ethereum remained below the $2,000 resistance zone and 100 hourly simple moving average. As a result, there was a sharp bearish reaction below the $1,920 support. The bears were able to push the price below $1,820 and $1,800. The price declined over 10% and traded below $1,750. A low is formed near $1,727 and the price is now consolidating losses. On the upside, an initial resistance is near the $1,770 level. It is near the 23.6% Fib retracement level of the recent decline from the $1,911 swing high to $1,727 low. The next major resistance is near the $1,820 level. It is close to the 50% Fib retracement level of the recent decline from the $1,911 swing high to $1,727 low. The main resistance is now forming near the $1,920 level. There is also a key bearish trend line forming with resistance near $1,910 on the hourly chart of ETH/USD. A close above the $1,920 level could open the doors for a steady increase. So...