Ethereum’s value against the US dollar is below $1,080. The close to the $1,000 support area could cause a significant drop in ETH.
- Ethereum held steady below $1.100 and $1.080 levels.
- The current price trades below $1,100 as well as the simple 100-hour moving average.
- A key bullish trendline is emerging with support at $1,050 (data feed via Kraken).
- If the pair moves above $1,120, it could fall again.
Ethereum’s Price is at Risk
Ethereum was in a bearish area and tested the $1,000 support zone. ETH established a base close to $1,000, and has recently corrected higher.
A minor recovery wave occurred above $1,030/ $1,050 levels. The Ether price rose above 23.6% Fib Retracement of the pivotal decline from $1,236 swing high and $997 low. The upside breakout above $1,100 was attempted but it failed.
The 100-hourly simple moving average and $1,100 are now below it. The hourly chart shows a strong bullish trendline with support close to $1,050.
The $1,060 mark is the immediate resistance. Next is the $1,080 area. Near the $1100 zone is the first significant hurdle. This area represents the 50% Fib Retracement level for the important decline of $1,236 from its high to low. An increase of at least 10% could be possible if the resistance zone is reached close to $1,120.
Source: TradingView.com, ETHUSD
If the previous scenario is true, then the price might rise above the $1180 resistance. The price could rise towards the $1.236 mark if there are more gains.
What Are the Losses of ETH More?
The $1,080 resistance could prevent ethereum from rising above it. If that happens, the price may continue to fall. The trend line or near the $1,050 area provides initial support for the downside.
Near the $1,000 level is the next support. If the price drops below $1,000, it could lead to a steep decline. The above scenario could lead to a slide toward the $925 mark. A further loss could push the price toward the $880 support area.
Technical indicators
Minutely MACD – In the bearish zone, momentum is being gained by MACD for USD/ETH.
Hourly RSI – The current RSI level for USD/ETH is below 50.
Major Support Level – $1,000
Major Resistance Level – $1,080
