Ethereum Key Indicators Suggest A Sharp Drop Below $1K

Ethereum lost below the $1120 support level against the US Dollar. ETH now faces greater losses if the $1,150 resistance is not broken.

  • Ethereum held steady below the $1,200-$1,150 level.
  • Now, the price of $11,150 is being traded. The 100-hourly simple moving average is also in effect.
  • A key bearish trend line is emerging with resistance close to $1,100 in the hourly chart of Ethereum/USD (datafeed via Kraken).
  • If the pair moves below $1,050, it could fall further.

Ethereum’s Price Goes Red

Ethereum continued to trade in a bearish area and lost more than $1,150. ETH moved into a bearish zone after failing to maintain above $1,120 support.

Even though the price settled under the 1,000 support zone, it tested the $1.075 zone. It has now fallen to $1,076. The 100-hourly simple moving average and $1,150 are both well below the price.

The $1,100 area is the immediate resistance. The hourly chart of Ethereum/USD shows a significant bearish trendline with resistance close to $1,100. This trend line lies close to the 23.6% Fib Retracement level for the downmove from $1,235 swing highs to $1,076 lows.

Ethereum Price

Source: ETHUSD

Next is $1,150 as the major resistance. A 50% Fib Retracement level is near the $11,150 zone. This indicates a downward movement from the $1235 swing high and $1,076 lowest. An increase could be initiated if the price reaches or exceeds $1,150. The price may clear the $1200 resistance in the above scenario. The price could rise to $1,235 if there are more gains.

What Are the Losses of ETH More?

It could fall further if it fails to climb above $1,150. The $1,075 area is the initial support for the downside.

Near the $1,050 level is the next support. Ether price could fall further if it falls below $1,050. This scenario may lead to an eventual decline of ether’s price towards the $1,000 mark.

Technical indicators

Hourly MACDIn the bearish zone, momentum is being gained by MACD for USD/ETH.

Hourly RSIThe RSI of ETH/USD has fallen to well below 50.

Major Support Level – $1,050

Major Resistance Level – $1,150

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