Ethereum Revisits Key Support, Can The Bulls Protect More Losses


Ethereum started another drop below $1,200 against the US Dollar. ETH could drop significantly if there is a close below $1,150.

  • Ethereum failed to clear the $1,280 resistance area and fell below $1,200.
  • The price is now trading under $1,200 and the 100 hourly simple moving average.
  • There is a major bearish trend line forming with resistance near $1180 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue to decline if there is a close below the $1150 level.

Ethereum price hits

Ethereum attempted a bullish breakout above $1,275 resistance area. However, ETH failed to extend gains and started a new drop below the $1220 level.

There was a clear move below the $1200 level and Simple moving average per 100 hours. Ether price traded below the 50% Fib retracement level of the upward move from the $1,076 swing low to $1,276 high. It is now struggling to stay above the $1,150 support area.

The price is consolidating near the 61.8% Fib retracement level of the upward move from the $1,076 swing low to $1,276 high. There is also a major bearish trend line forming with resistance near $1180 on the hourly chart of ETH/USD.

There is immediate resistance on the upside near the $1,175 level. The next major resistance is near the trendline area and $1180, above which the price could rise towards $1220.

Ethereum price

Source: ETHUSD on TradingView.com

The key barrier remains near the $1,280 level, above which the price may gain strength. In the mentioned case, the price could rise towards the $1350 resistance area.

More losses in ETH?

If Ethereum fails to rise above the $1180 resistance, it may continue to decline. There is initial support on the downside near the $1123 region. The next major support is near the $1,080 area.

A break-down below the support level at $1,080 could push the price further lower. In the mentioned case, the price may decline towards the $1,020 level. If the price fails to stay above the $1020 or $1,000 level, it may also slide towards the $950 level.

Technical Indicators

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

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

Key Support Level – $1,125

Key Resistance Level – $1,180



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