Ethereum Price Just Reversed and $1,200 is Imminent, Here’s Why


Ethereum started a significant decline from the $1,400 resistance level against the US Dollar. ETH is moving lower and may slide towards the $1,200 level.

  • Ethereum gained bearish momentum below the support levels at $1350 and $1320.
  • The price is now trading below $1,300 and the 100 hourly simple moving average.
  • There was a break below the major uptrend line with support at $1,290 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could extend its decline towards the $1220 and $1200 support levels.

Ethereum price drops again

Ethereum attempted a decent increase above the $1,350 level. ETH even broke $1,380, similar to Bitcoin. However, the bulls failed to break above the $1,400 resistance area.

A rally formed near $1,399 and the price started a new decline. There was a clear move below the $1350 and $1320 support levels. There was a clear move below the 76.4% Fib retracement level of the upward move from the swing low of $1,269 to the high of $1,399.

Besides, there was a break below the major uptrend line with support at $1,290 on the hourly chart of ETH/USD. Ether is also trading below $1,300 and 100 hourly simple moving average.

On the upside, the price is facing resistance near the $1,290 and $1,300 levels. The next major resistance is near the $1,325 level and the hourly 100 SMA. A clear break above $1,325 may lead to a decent rally towards the $1380 level.

Ethereum price

source: ETHUSD on TradingView.com

Any further gains could open the door for a move towards the $1,400 resistance, above which the bulls can aim for a strong increase.

More losses in ETH?

If Ethereum fails to rise above the resistance at $1,325, it may continue to decline. There is initial support on the downside near the $1270 level.

The next major support is near the $1240 level. It is near the 1.236 Fib extension level of the upward move from the swing low of $1,269 to the high of $1,399. A break-down below the $1240 level may send the price towards the $1200 support level in the near term. Any further losses could trigger the selling and the price could drop to $1,150.

Technical Indicators

MACD per hourMACD for ETH/USD is gaining momentum in bearish territory.

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

Key Support Level – $1,240

Key Resistance Level – $1,325



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