Ethereum’s value against the US Dollar is below $1,100. ETH may continue to fall below $1,000 support unless there’s a clear move higher than $1,100.
- Ethereum held below the $1,120 level and above $1,100.
- The current price trades below $1,120 as well as the simple 100-hour moving average.
- The hourly chart for ETH/USD showed a breakout above the major bearish trendline with resistance at $1,030 (data feed via Kraken).
- The pair may decline once again, unless the resistance of $1,100 is breached.
Ethereum price faces resistance
Ethereum continued to trade in a bearish area and lost more than $1,100. ETH moved further into a bearish area after breaking the $1,050 threshold.
The ether price soared to below $1,000 and was trading as low as $997. Recently, there has been a strong upward movement above the $1.050 mark. This price spiked to above 23.6% Fib level, which is the retracement of the decline from the $1235 swing high at $997 low.
A break was seen above the major bearish trend line, with resistance close to $1,030, on an hourly chart of Ethereum/USD. The resistance of $1,100 was however active for the bears.
Ether currently trades at $1,120 below the 100 hourly simple moving mean. Near the $1,100 area is an immediate resistance to the upside. Near the $1,120 level is the next significant resistance. Near $1,120 is the 50% Fib level that reflects the decline from $1,235 swing highs to $997 lows. An increase could be initiated if the resistance level is reached above $1,120.
Source: TradingView.com, ETHUSD
If the previous scenario is true, then the price might rise above the $1200 threshold. Price gains could push the price higher towards $1,235.
Are There More Losses in Ethereum?
It could fall further if it fails to climb above $1,120. Initial support is located near $1,045.
Next major support will be near the 1,000 level. Ether price could fall further if it falls below $1,000. If this is the case, the ether price could fall towards the $925 mark.
Technical indicators
Minutely MACD – MACD for USD/ETH is losing momentum now in bullish territory.
Hourly RSI – The current RSI of ETH/USD hovers around the 50 mark.
Major Support Level – $1,045
Major Resistance Level – $1,120
