Ethereum traded at $1,100 and extended its losses. If the close falls below 1,000, ETH may accelerate further.
- Ethereum began a new decline below $1,120 and $1.100 levels.
- The 100-hourly simple moving average and price are now below $1,100.
- A major bearish trendline is emerging with resistance close to $1,115 in the hourly chart of Ethereum/USD (datafeed via Kraken).
- A close below $1,000 could cause the pair to continue its decline.
Ethereum price suffers more losses
Ethereum was still in bearish territory below $1,150 support. ETH continued to fall below $1,120, $1,100 levels. The price dropped to $1,080 and it opened doors for losses.
Today, the price trades below $1100. The 100-hourly simple moving mean is also lower. The price traded at $1,033 as it consolidates losses. The $1,060 mark is the immediate resistance. It is located near $1,090.
Near the $1.090 level is the 23.6% Fib level that retraces the downmove from $1,275 swing high toward $1,033 lowest. On the hourly chart for ETH/USD, there’s a bearish trend line that forms with resistance at $1,115. This trend line lies close to the 100-hourly simple moving average.
Source: TradingView.com ETHUSD
Next is the $11,150 level. This level represents the 50% Fib level of the downmove from the $1275 swing high and $1033 low. If the price reaches this level, it will begin a significant increase. The price may rise to the $1,200 resistance level in the above case.
Are There More Losses in Ethereum?
It could fall further if it fails to climb above $1,090 resistance. Near the $1,035 level is the initial support. Near the $1,000 area is the next support.
An unexpected break below the $1,000 level could lead to a steep decline. The price may drop to the $965 mark in the above scenario. In the next sessions, any further losses below $965 may force a shift towards $880.
Technical Indicators
Minutely MACD – Now, the MACD of ETH/USD has gained momentum in the bearish area.
Hourly RSI – Now, the RSI is close to 40 for USD/ETH.
Major Support Level – $1,000
Major Resistance Level – $1,090