Ethereum began a significant decline against the US dollar at the $1,400 level. ETH may slide to the $1,200 mark.
- Ethereum experienced bearish momentum at $1,350-$1,320 support levels.
- The current price trades below $1,300 as well as the simple 100-hour moving average.
- The hourly chart for ETH/USD showed a breaking below a significant bullish trend line, with support at $1290. (Data feed via Kraken).
- It is possible that the pair will continue to fall towards the $1.220 and $1.200 support levels.
Ethereum’s Price Drops Once More
Ethereum managed to achieve a substantial increase over the $1,350 mark. ETH broke even the $1,380 barrier, which is similar to bitcoin. The $1,400 resistance was not cleared by the bulls.
Near $1,399 a high was reached and then the price began to decline again. Clear movement below $1,350 support level and $1,320 resistance levels was evident. It was clear that the upward movement from $1,269 low to $1.399 high saw a move below the Fib retracement of 76.4%.
Additionally, the price broke below a bullish trend line, with support at $1290 in the hourly chart. Also, Ether is trading at a lower level than the hourly simple moving median of $1,300.
The upside is that the price faces resistance at the $1,290 or $1,300 levels. Near the $1,325 and 100 hourly SMA levels is the next significant resistance. If the price breaks above $1,325 it could signal a solid move towards $1,380.
Source: TradingView.com, ETHUSD
Potentially, any more gains could open up the possibility of a move toward the $1,400 resistance. Above which bulls may aim for a significant increase.
What Are the Losses of ETH More?
If the resistance of $1,325 is not broken, ethereum could move further down. The $1,270 resistance is the initial support for the downside.
It is close to the $1240 level. It’s near the 1.236 fib extension level for the upward move between the $1,269 swing high to the $1,399 low. The price could drop below the $1240 support level if it experiences a negative break. The price could drop to $1150 if there are more losses.
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 – $1,240
Major Resistance Level – $1,325
