The $1,250 resistance level against the US Dollar was not broken by Ethereum. ETH’s decline is continuing and there are still risks below the $1,000 support.
- Ethereum experienced a new downturn after failing to exceed the $1250 level.
- The current price trades below $1,200 as well as the simple 100-hour moving average.
- On the hourly chart for ETH/USD, there is a connected bearish trend line that forms with resistance close to $1,095. (Data feed via Kraken).
- If the pair crosses $1,150 or $1,200, it could resume its fall.
Ethereum price remains at risk
Ethereum tried to recover above the $1200 resistance level. But, bears were very active around the $1250 level. Near $1,256, a high was reached and prices began to decline again.
A move was recorded below the $1.200 and $1.150 levels. Even below the $1200 and 100-hourly simple moving average, the price settled. An immediate low formed at $1,050. The ether is currently consolidating the losses. A resistance level is located near $1,090.
On the hourly chart for ETH/USD, there is a connected bearish trendline that forms with resistance at $1,095. It is close to the 23.6% Fib level of the drop from $1256 swing high, $1,050 lower.
It is located near the $11,150 zone. The Fib level at 50% retracement is very close to the most recent fall from $1.256 swing high to $1.050 low. It is possible to see further gains by testing the $1,200 or 100-hourly simple moving average levels.
Source: TradingView.com ETHUSD
An upward trend could be initiated by a clear move over the $1,200 resistance area. Near the $1,260 mark is the next significant resistance. Further gains may lead to a push towards $1,350.
What Are the Losses of ETH More?
The $1,200 resistance could be broken and ethereum may continue its downward slide. Initial support is located near $1,050.
Near the $1,000 area is the next support. If the price moves below $1,000, it could signal major weakness. The price may slide to the $880 support area in the short term in this case.
Technical Indicators
Minutely MACD – MACD for USD/ETH is losing momentum now in the bearish area.
Hourly RSI – The RSI is currently below the 50 level for Ethereum/USD.
Major Support Level – $1,000
Major Resistance Level – $1,200
