Ethereum fell below $1,300 against the US Dollar support. ETH has shown bearish signals and could suffer further losses to $1,200, or even $1.150.
- Ethereum began a new decline below $1,350 and 1,320 support levels.
- The 100-hourly simple moving average and price are now below $1,300.
- A key bearish trend line is emerging with resistance close to $1,285 in the hourly chart of Ethereum/USD (datafeed via Kraken).
- It is possible for the pair to continue falling if it remains below $1,300.
Ethereum price drops below key support
Ethereum was unable to overcome the $1.340 and $1.350 resistance levels. ETH began a new decline, trading below the $1300 support zone.
The price moved below $1,280 and settled below the 100-hourly simple moving average. The Ether price fell to $1,270. It is consolidating its losses. Near the $1,280 level is an immediate resistance to the upside.
Near the $1,285 mark is the first significant resistance. The hourly chart of Ethereum/USD shows a significant bearish trend line with resistance close to $1,285 This trend line lies close to the 23.6% Fib Retracement level for the decline from $1,337 swing highs to $1,276 lows.
The trend line is near the 50% Fib retracement level of the recent decline from $1,337 swing high to $1,276 low. If the upside breakout occurs, the ethereum prices could rise towards $1,300 resistance. This is just below the Fib retracement of the decline from $13,37 swing high to $12,76 low.
Source: TradingView.com, ETHUSD
Clear breaks above $1300 may push the price higher. Next major resistance may be at the $1320 level. The 100 hourly simple moving mean could also provide support. If the latter is broken, then the price might revert back to $1350.
Are There More Losses in Ethereum?
It could fall further if it fails to rise above $1,300. Initial support for the downside lies near $1,280.
Next is $1,255. Selling pressure could increase if the downside breaks below $1,255. The price of ether may fall towards $1,200 in the above scenario. Price could drop to $1,150 if there are more losses.
Technical Indicators
Hourly MACD – Now, the MACD of ETH/USD has gained momentum in the bearish area.
Hourly RSI – The current RSI of ETH/USD is below 50.
Major Support Level – $1,255
Major Resistance Level – $1,320
