Ethereum gained momentum and traded under $1,150 against USD. If there’s a close below 1,000, ETH could fall sharply.
- Ethereum began a new decline below $1,200, $1,150 levels.
- The 100 hourly moving average and price are now below $1150.
- On the hourly chart for ETH/USD, there is a bearish trendline that forms with resistance at $11,145 (data feed via Kraken).
- If the close falls below $1,085 it could cause further decline.
Ethereum prices drop further
Ethereum fell below the $1,200 support zone and entered a bearish area. ETH moved in a bearish direction and fell below $1,150.
The price moved clearly below the fib retracement level at 61.8% of the key last increase, from $1,076 swing swing low to $1.275 swing high. Now, the price trades below $1150 as well as the 100-hourly simple moving average.
The Fib retracement level at 76.4% of the key rise from $1,076 swing low and $1,275 swing peak is still below it. But, it is trading near $1,085 where there is key support. It could rise if the ether price remains above $1,085.
The $1,130 level is the immediate resistance to the upside. Next is resistance at the $11,150 area. On the hourly chart for ETH/USD, there’s a bearish trend line that forms with resistance at $1,145.
Source: TradingView.com ETHUSD
Next is $1,200, where the price can gain strength. If the previous scenario is true, then the price might rise towards $1,280.
Are There More Losses in Ethereum?
The $1,150 resistance could be broken and ethereum may continue its downward slide. The $1,085 area is the first support for the downside. Near the $1,050 area is the next support.
The price could fall further if it breaks below $1,050. The price may drop to $1,000 in the above scenario. A sharp drop in the price could be possible if there are more losses than the $1,000 mark.
Technical indicators
Hourly MACD – In the bearish zone, momentum is being gained by MACD for USD/ETH.
Hourly RSI – The RSI of ETH/USD has fallen to well under the 40 mark.
Major Support Level – $1,085
Major Resistance Level – $1,150
