Ethereum Price Remains Vulnerable, Will ETH Fall Back To $1K?


Ethereum failed to clear the $1,300 resistance area against the US Dollar. ETH is falling and there is a risk of a dip below the $1,265 support level.

  • Ethereum is still showing bearish signs below the $1350 and $1320 support levels.
  • The price is now trading below $1,300 and the 100 hourly simple moving average.
  • There was a break below a major ascending channel with support at $1,290 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair remains at risk of further losses unless there is a clear move above the $1,300 level.

Ethereum price remains in a downtrend

Ethereum started a minor upward correction from the $1,265 support area. ETH traded as low as $1,268 and recovered above $1,280.

There was a break above the 23.6% Fib retracement level of the downside move from the $1,338 swing high to the $1,268 low. Even Ether price attempted to move clearly above the $1,300 resistance area and the 100 hourly simple moving average.

However, the bulls failed to gain traction at the close above $1,300. Ethereum price failure To clear the 50% Fib retracement level of the downside move from the $1,338 swing high to $1,268 low.

There was a new low of $1,300. Besides, there was a breakout below a major ascending channel with support at $1,290 on the hourly chart of ETH/USD. The pair is now trading below $1,300 and the 100 hourly simple moving average.

Ethereum price

source: ETHUSD on TradingView.com

There is an immediate resistance on the upside near the $1,298 level. The first major resistance is near the $1,300 level. A clear bullish break above the $1,300 resistance area may open doors for a steady increase. In the mentioned case, the price may rise towards the resistance at $1350. Moreover, it can help Bitcoin And other digital currencies that are increasing in frequency.

Sharp drop in ETH?

If Ethereum fails to recover above the $1,300 resistance, it may continue to decline. There is initial support on the downside near the $1,275 level.

The next major support is near the $1,265 level. A break-down below the $1,265 level could start a significant decline towards $1,200. Any further losses could open the gates for a move towards the $1,000 support level.

Technical Indicators

MACD per hourETH/USD’s MACD is gaining momentum in bearish territory.

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

Key Support Level – $1,265

Key Resistance Level – $1300



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