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.
Source: TradingView.com 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 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 below 50.
Major Support Level – $1,050
Major Resistance Level – $1,150