Ethereum fell below the $1200 level against the US Dollar. ETH faces further losses if the support zone of $1,150 is not maintained.
- Ethereum experienced a sharp decline starting at $1,250, $1,280, and then again.
- The current price of the stock is trading at $1,200.
- A major bearish trendline is emerging with resistance close to $1,200 in the hourly chart of Ethereum/USD (datafeed via Kraken).
- A clear break below the $1.150 support zone could cause a sharp decline in the pair.
Ethereum price struggles
Ethereum was unable to surpass the $1,250 or $1,280 resistance levels. ETH hit a record high of $1,281, and then began a sharp decline.
Clear movement below $1,220 support level and $1,200 resistance levels was evident. Below the 23.6% Fib level, Ether’s price fell below $1,043 swing low and $1,280 high levels. The 100-hourly simple moving average and $1,200 are now the lowest levels of trading.
Ether consolidates near the 50% Fib level of the upmove from $1,043 swing lows to $1,280 highs. Near the $1,200 mark is immediate resistance.
A major bearish trend line is also forming, with resistance at $1,200, on the hourly chart. Next is the $1250 area. An increase in the price may be initiated if it is close to $1,250. The price may clear $1,280 resistance in the above scenario.
Source: TradingView.com, ETHUSD
Near the $1350 resistance, the next significant resistance, the price may rise to the $1440 resistance in the short term.
Are There More Losses in Ethereum?
It could fall further if it fails to surpass the $1,200 resistance. Initial support is located near the $1150 zone.
Next is $1,120. The bulls could feel a lot more pressure if they fall below $1,120. The above scenario could lead to a decline in the ether price towards $1,050 or even $1,000 over the next sessions.
Technical indicators
Hourly MACD – Now, the MACD of ETH/USD has gained momentum in the bearish area.
Hourly RSI – The RSI is well below 50 for USD/ETH.
Major Support Level – $1,150
Major Resistance Level – $1,200
