What Could Trigger Sharp Decline

Ethereum’s performance against the US dollar is below $1,100. If it breaches the $1,030 support area, ETH may gain bearish momentum.

  • Ethereum faces resistance at the $1,100-$1,120 levels.
  • The current price trades below $1,150 as well as the simple 100-hour moving average.
  • A key bearish trendline is emerging with resistance close to $1,080 in the hourly chart of Ethereum/USD (datafeed via Kraken).
  • If the pair moves below $1,030 or $1,000, it could fall sharply.

Ethereum Price Faces a Challenge

Following its failure near $1190 and $1200, Ethereum underwent a downtrend. ETH fell below $1,120 and corrected.

The clear movement was below the 23.6% Fib Retracement Level of the Upward Wave from the $880 swing high to the $1,192 low. Even the $1,150 area and 100-hourly simple moving average were below Ether’s price. But, bulls were still active over the $1,030 resistance.

The Ether price was above the 50% Fib level of the uptrend from the $880 swing low down to the $11,192 high. Near the $1,080 mark is immediate resistance to the upside.

A key bearish trendline is also in place with resistance close to $1,080. This can be seen on the hourly charts of USD/ETH. Next is resistance at the $1120 level. Near the $1,150 mark is the main resistance. An increase in the resistance level of $1,150 could be a clear sign.

Ethereum Price

Source: TradingView.com ETHUSD

Near the $1200 or $1,192 levels is the next significant resistance. If there are more gains, it could lead to the $1280 resistance.

What Are the Losses of ETH More?

It could fall further if it fails to climb above $1,120. Initial support is located near $1,040.

Next is $1,030. The price could drop below $1,030 to $1,000. The price could fall to the $950 mark in the above scenario. If there are more losses, ether price could move to the $880 support level in the following sessions.

Technical Indicators

Hourly MACDNow, the MACD of ETH/USD has gained momentum in the bearish area.

Hourly RSIThe current RSI level for USD/ETH is below 50.

Major Support Level – $1,030

Major Resistance Level – $1,120

Get more Crypto News at CFX Magazine