Ethereum fell below the $1,120 support level against the US Dollar. ETH is now at risk of further losses if it stays below the key resistance at $1,150.
- Ethereum remains in a bearish zone below $1,200 and $1,150.
- The price is now trading below $1150 and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance near $1,100 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair may decline further if there is a clear movement below the $1050 support area.
Ethereum price turns red
Ethereum remains in descending zone The losses extended below the $1,150 support area. ETH failed to hold above the $1120 support area and moved into a bearish territory.
The price even settled below the $1,000 support area and tested the $1,075 area. The bottom formed near $1,076 and the price is now consolidating losses. It trades for well under $1150 and Simple moving average per 100 hours.
There is an immediate resistance on the upside near the $1,100 level. There is also a major bearish trend line forming with resistance near $1,100 on the hourly chart of ETH/USD. The trend line is near the 23.6% Fib retracement level of the downside move from the $1,235 swing high to $1,076 low.
Source: ETHUSD on TradingView.com
The next major resistance is near the $1,150 area. The 50% Fib retracement level of the downside move from the $1,235 swing high to $1,076 low is also approaching $1,150. A close above the $1,150 resistance area could start a steady increase. In the mentioned case, the price may cross the $1200 resistance. Any further gains could send the price towards the high of $1,235.
More losses in ETH?
If Ethereum fails to rise above the $1,150 resistance, it may continue to decline. There is initial support on the downside near the $1,075 region.
The next major support is near the $1050 area. A close below the $1050 level could push the price of Ether down even further. In the aforementioned case, the price of Ether might fall towards the $1000 level.
MACD per hour – MACD for ETH/USD is gaining momentum in bearish territory.
Hourly RSI – The RSI for ETH/USD is now well below the 50 level.
Key Support Level – $1,050
Key Resistance Level – $1,150