Ethereum is currently in a bearish zone, below $1200 against the US dollar. ETH will likely continue to fall if it does not break through the $1280 resistance.
- Ethereum is still in a downtrend, below $1,200 and 1,280 levels.
- Today, the price trades below $1250. The 100-hourly simple moving average is also lower.
- On the hourly chart for ETH/USD, there is a bearish trendline that forms with resistance at $1,245 (data feed via Kraken).
- In the short term, the pair may resume falling below $1,120 or $1,100.
Ethereum Price Faces Hurdles
Ethereum closed well below the $1500 support zone. It traded at $1,073 but recently experienced a small upside correction.
The $1,120-$1,150 levels saw a rebound. The Ether price rose above 23.6% Fib Retracement of the decline from $1,545 swing highs to $1,072 lows. The price remains below the $1,250 level and the 100-hourly simple moving average.
Near the $1,260 resistance area, bears were very active. A key bearish trendline is also visible on the hourly chart. It points to resistance around $1,245 for USDETH.
Surprisingly, the first resistance lies near $1,240. It is located between the $1280 and $1300 levels. Near the $1300 area is the 50% Fib Retracement level for the decline from $1,545 swing highs to $1,072 lows.
Source: TradingView.com ETHUSD
Clear movement above the trendline resistance could signal a rebound wave. Next is $1,350 and the 100 hourly simple movement average. Gains could lead to a push towards $1,440.
Are There More Losses in Ethereum?
The $1,280 resistance could be broken and ethereum may continue its downward slide. The $1,120 area is the initial support for the downside.
Next is $1,070. The bulls could feel a lot more pressure if they make a clear move or break below $1,070. If the above scenario is true, then the price could fall towards the $1,000 support area in the short term.
Technical Indicators
Hourly MACD – In the bearish zone, momentum is being gained by MACD for USD/ETH.
Hourly RSI – The RSI is currently below the 50 level for Ethereum/USD.
Major Support Level – $1,070
Major Resistance Level – $1,280