Ethereum failed to break above the $1250 resistance against the US Dollar. ETH is falling and remains at risk of further downside below the $1,000 support.
- Ethereum started a new decline after it failed to break above the $1250 area.
- The price is now trading below $1,200 and the 100 hourly simple moving average.
- There is a solid bearish trend line forming with resistance near $1,095 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could resume its decline unless it deals with $1,150 and $1,200 in the near term.
Ethereum price is still at risk
Try Ethereum recovery wave Above the $1200 resistance area. However, the bears are active near the $1250 level. A top formed near $1,256 and the price started a new decline.
There was a move below $1,200 and $1,150. The price stabilized even below the $1,200 level and 100-hour simple moving average. A bottom was formed near $1,050 and the ether is now consolidating its losses. There is an immediate resistance near the $1,090 level.
There is also a solid bearish trend line forming with resistance near $1,095 on the hourly chart of ETH/USD. The trend line is near the 23.6% Fib retracement level of the recent decline from the $1,256 swing high to the $1,050 low.
The next major resistance is near the $1,150 area. It is close to the 50% Fib retracement level of the recent decline from the $1,256 swing high to the $1,050 low. Any further gains may require a test of the $1,200 level or the 100 hourly simple moving average.
Source: ETHUSD on TradingView.com
A clear move above the $1200 resistance area might start a proper upward move. The next major resistance is near the $1,260 level. Any further gains may start to move towards the $1350 resistance level.
More losses in ETH?
If Ethereum fails to rise above the $1200 resistance, it may continue to decline. There is initial support on the downside near the $1050 region.
The next major support is near the $1,000 area. A clear move and a break below the $1,000 area could start a significant decline. In the mentioned case, the price may slide towards the $880 support area in the near term.
MACD per hour – ETH/USD’s MACD is losing momentum in bearish territory.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Key Support Level – $1,000
Key Resistance Level – $1200