Ethereum Takes Major Hit, Can The Bulls Protect More Losses

Ethereum tumbled below the $1,500 support against the US Dollar. ETH must stay above $1,300 to avoid a drop towards $1,120 or even $1,000.

Ethereum declined over 20% and traded below the $1,500 support.
The price is now trading below $1,500 and the 100 hourly simple moving average.
There is a key bearish trend line forming with resistance near $1,420 on the hourly chart of ETH/USD (data feed via Kraken).
The pair might start a recovery wave if there is a clear move above the $1,425 resistance.

Ethereum Price Declines Heavily
Ethereum failed to start a fresh increase above the $1,800 resistance. There was a sharp bearish reaction below the $1,720 and $1,700 support levels.
The bears gained strength and pushed the price below the $1,500 support level. It declined over 20% and broke the $1,420 support. A low is formed near $1,304 and the price settled below the 100 hourly simple moving average.
It is now consolidating losses above the $1,300 level. Ether already tested the 23.6% Fib retracement level of the recent decline from the $1,544 swing high to $1,304 low.
On the upside, an initial resistance is near the $1,380 level. The first major resistance is near the $1,400 and $1,420 levels. There is also a key bearish trend line forming with resistance near $1,420 on the hourly chart of ETH/USD. The trend line is near the 50% Fib retracement level of the recent decline from the $1,544 swing high to $1,304 low.

Source: ETHUSD on TradingView.com
The next major resistance is near the $1,500 level. A clear move above the $1,500 resistance might start a strong increase. The next major resistance is near the $1,700 level.
More Losses in ETH?
If ethereum fails to rise above the $1,420 resistance, it could continue to move down. An initial support on the downside is near the $1,320 zone.
The next major support is near the $1,300 level. A clear move and break below the $1,300 support could start another decline. In the stated case, the price could slide towards the $1,200 support zone in the near term or even $1,150.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now just near the 30 level.
Major Support Level – $1,300
Major Resistance Level – $1,420