Ethereum Price Prediction: ETH on the cusp of further losses, $1,500 probes sellers

ETH/USD bounces off 50-day SMA, keeps trend line breakdown amid bearish MACD.
Descending RSI exerts additional downside pressure, bears await confirmation.
Multiple upside hurdles around $1,720 stand tall to test recovery moves.

Having conquered a two-month-old support line, now resistance, Ethererum bears are catching breather around $1,520 during the early Friday’s trading. In doing so, the ETH/USD pair bounces off 50-day SMA.

Even so, bearish MACD and downward sloping RSI line favor the sellers targeting $1,200. Though, a sustained break below the 50-day SMA level of $1,495 becomes necessary for the ETH/USD sellers.

In a case where the altcoin fall extends below $1,200, the late January lows near $1,040 and the $1,000 psychological magnet will be the key to watch.

Meanwhile, corrective pullback beyond the previous support line, at $1,590 now, will have to cross a horizontal area comprising multiple levels marked since February 05, near $1,710, to recall the ETH/USD buyers.

Following that the mid-month high around $1,880 and the $2,000 round-figure can off intermediate halts before directing the bulls to the record top of $2,041.

ETH/USD daily chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	1517.53
Today Daily Change	-107.77
Today Daily Change %	-6.63%
Today daily open	1625.3

Trends
Daily SMA20	1784.1
Daily SMA50	1489.39
Daily SMA100	1060.17
Daily SMA200	725.38

Levels
Previous Daily High	1714
Previous Daily Low	1500.28
Previous Weekly High	1974.98
Previous Weekly Low	1659.93
Previous Monthly High	1477.3
Previous Monthly Low	715.22
Daily Fibonacci 38.2%	1632.36
Daily Fibonacci 61.8%	1581.92
Daily Pivot Point S1	1512.39
Daily Pivot Point S2	1399.47
Daily Pivot Point S3	1298.67
Daily Pivot Point R1	1726.11
Daily Pivot Point R2	1826.91
Daily Pivot Point R3	1939.83

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