Ethereum extended its losses and traded at less than $1,100 against the US dollar. ETH could accelerate lower if there is a close below $1,000.
- Ethereum started a new decline below the $1120 and $1100 levels.
- The price is now trading below $1,100 and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance near $1,115 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to decline if there is a close below the $1,000 level.
Ethereum price increases losses
Ethereum remains in descending zone Below the $1150 support area. ETH extended its decline below the $1120 and $1100 levels. It opened the door for more losses and the price even dropped below $1,080.
The price is now trading below $1100 and Simple moving average per 100 hours. It traded as low as $1,033 and the price is now consolidating losses. There is immediate resistance on the upside near the $1060 level. The first major resistance is near the $1090 region.
The 23.6% Fib retracement level of the downside move from the $1,275 swing high to $1,033 low is also near the $1,090 level. Besides, there is a major bearish trend line forming with resistance near $1,115 on the hourly chart of ETH/USD. The trend line is located near the 100-hour simple moving average.
Source: ETHUSD on TradingView.com
The next major barrier is near the $1,150 level or the 50% Fib retracement level of the downside move from the $1,275 swing high to $1,033 low, above which the price is starting a decent increase. In the mentioned case, the price may rise towards the $1200 resistance area.
More losses in ETH?
If Ethereum fails to rise above the $1090 resistance, it may continue to decline. There is initial support on the downside near the $1035 region. The next major support is near the $1,000 area.
A break-down below the $1,000 support level could trigger a sharp decline. In the mentioned case, the price may drop towards the $965 level. Any further losses below the $965 level may call for a move towards the $880 level in the upcoming sessions.
MACD per hour – MACD for ETH/USD is gaining momentum in bearish territory.
Hourly RSI – The RSI for ETH/USD is now approaching the 40 level.
Key Support Level – $1,000
Key Resistance Level – $1,090