Ethereum fell below the $1,300 support level against the US Dollar. ETH is showing bearish signs and there is a risk of further losses towards $1,200 or even $1,150.
- Ethereum started a fresh decline below the $1350 and $1320 support levels.
- The price is now trading below $1,300 and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance near $1,285 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to move lower if it remains below the $1300 pivot level.
Ethereum Price Drops Below Key Support
Ethereum struggled to recover above The $1340 and $1350 resistance levels. ETH started a new low and traded below the $1,300 support area.
There was a move below the $1280 support and the price settled below Simple moving average per 100 hours. Ether price traded as low as $1,270 and is currently consolidating losses. There is an immediate resistance on the upside near the $1.280 level.
The first major resistance is near the $1,285 level. There is also a major bearish trend line forming with resistance near $1,285 on the hourly chart of ETH/USD. The trend line is near the 23.6% Fib retracement level of the recent decline from the $1,337 high swing high to $1,276.
If there is an upside breakout above the trend line, the price of Ethereum may rise towards the resistance level at $1,300. It is close to the 50% Fib retracement level of the recent decline from the $1,337 swing high to $1,276.
source: ETHUSD on TradingView.com
A clear break above $1,300 could push the price even higher. The next major resistance could be near the $1,320 level and the 100 hourly simple moving average, above which the price could revisit $1,350.
More losses in ETH?
If Ethereum fails to climb above the $1,300 resistance, it may continue to decline. There is initial support on the downside near the $1.280 level.
The next major support is near the $1,255 level. A bearish break below the $1,255 level could increase selling pressure. In the aforementioned case, the price of Ether may fall towards the $1200 level. Any further losses could send the price towards $1150.
MACD per hour – ETH/USD’s MACD is gaining momentum in bearish territory.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Key Support Level – $1,255
Key Resistance Level – $1,320