Another decline in Ethereum’s value against the US Dollar was seen. If the close falls below $1,150, ETH may see a significant decline.
- Ethereum fell below $1,200 after it failed to break the $1,280 resistance.
- The 100-hourly simple moving average and price are now below $1,200.
- A major bearish trendline is emerging with resistance close to $1,180 in the hourly chart of Ethereum/USD (datafeed via Kraken).
- A close below $1,150 could cause the pair to continue its decline.
Ethereum price takes a hit
Ethereum tried to break the $1,275 resistance level and attempt an upside breakout. ETH lost its gains, and fell below $1,220.
Clear movement below $1,200 and the 100-hourly simple moving average was evident. The Ether price fell below the 50% Fib level of the upward swing from the $1.076 swing low and $1.276 high. The Ether price has been struggling to hold above $1,150.
The price consolidates near the 61.8% Fib level of the upward swing from $1,076 swing lows to $1.276 highs. A major bearish trendline is also visible on the hourly chart. It shows resistance around $1,180.
The $1,175 area is a strong resistance to the upside. Near the trendline zone and $1180 is the next resistance. Above which, the price could rise to $1,220.
Source: TradingView.com, ETHUSD
The $1,280 barrier remains the key, and above that the price may gain strength. If the previous scenario is true, then the price might rise towards $1,350.
Are There More Losses in Ethereum?
The $1,180 resistance could be broken and ethereum may continue its downward slide. Near the $1,123 support zone is an initial support. Near the $1,080 area is the next significant support.
The price could fall further if it breaks below $1,080. The price could fall to the $1,020 mark in the above scenario. It could fall to $950 if the price does not rise above $1,020 and $1,000.
Technical Indicators
Minutely MACD – Now, the MACD of ETH/USD has gained momentum in the bearish area.
Hourly RSI – The RSI of ETH/USD has fallen to well below 50.
Major Support Level – $1,125
Major Resistance Level – $1,180
