The Ethereum price fell below $1,150 against the US dollar. ETH faces further losses if it remains below the $1,200 pivot area.
- Ethereum experienced a sharp decline, below the $1.220 and $1.200 levels.
- The 100-hourly simple moving average and price are now below $1,200.
- A connecting trend line is in place, with support at $1130 (data feed via Kraken).
- A clear break below $1,120 could cause further decline.
Ethereum price remains at risk
Ethereum was still trading in the bearish zone, below the $1280 and $1250 resistance levels. ETH began a new decline, trading below the $1,200 key support zone.
This decline was slower than the $1180 level and the 100-hourly simple moving average. In the end, bears were able push the price lower than the $1,150 resistance. The price has now fallen to $1,132 near the low point.
Ether trades well below $1200, the 100-hourly simple moving average and is currently trading at a level of $0.130. A connecting trend line is in place, with support at $1130 on the hourly chart for ETH/USD.
The $1,155 level is a strong resistance to the upside. The 23.6% Fib Retracement Level of the recent fall from the $1.235 swing high to the $1.132 low is just a few hundred yards away. Near the $1,175 area is the next significant resistance. Near the $1,180 mark and the 100-hourly simple moving average is the first significant obstacle.
Near $1,180 is the 50% Fib level that represents the recent fall from $1,235 swing highs to $1,132 lows. An increase could be initiated if the price reaches or exceeds $1,180. The price may clear $1,200 resistance in the above scenario.
Source: TradingView.com, ETHUSD
Next is the $1235 resistance. If the price rises above that, it could reach the $1280 resistance.
Are There More Losses in Ethereum?
It could fall further if it fails to climb above $1,180. Initial support is located near the $1120 zone.
Next is $1,080. If the price drops below $1,080, it could lead to a dramatic decline. If this is the case, the ether price could fall towards the $1,000 mark.
Indicators of technical importance
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 – $1,120
Major Resistance Level – $1,180
