Ethereum fell below the $1,150 area against the US dollar. ETH is now at risk of further losses if it stays below the key $1,200 pivot area.
- Ethereum started a fresh decline below the $1,220 and $1,200 levels.
- The price is now trading under $1,200 and the 100 hourly simple moving average.
- There is a solid trend line with support at $1130 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could decline further in a clear move below the $1120 support area.
Ethereum price still at risk
Ethereum remains in a bearish zone below The $1,280 and $1,250 resistance levels. ETH started a new low and traded below the key $1,200 support area.
The decline has picked up pace below the $1180 level and the 100 hourly simple moving average. As a result, the bears managed to push the price below the $1,150 support level. The bottom formed near $1,132 and the price is now consolidating losses.
Ether is now trading at well under $1,200 and Simple moving average per 100 hours. There is also a connecting trend line with support at $1130 on the hourly chart of ETH/USD.
There is an immediate resistance on the upside near the $1,155 level. It is near the 23.6% Fib retracement level of the recent decline from the $1,235 swing high to $1,132 low. The next major resistance is near the $1,175 region. The first major obstacle is near the $1,180 level and the 100 hourly simple moving average.
The 50% Fib retracement level of the recent decline from the $1,235 swing high to $1,132 low is also approaching $1,180. A close above the $1180 resistance area could lead to a steady increase. In the mentioned case, the price may cross the $1200 resistance.
Source: ETHUSD on TradingView.com
The next major resistance is near the $1,235 level, above which the price may rise until the $1,280 resistance in the near term.
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 $1120 region.
The next major support is near the $1,080 area. A close below the $1,080 level could lead to a sharp decline. In the aforementioned case, the price of Ether might fall towards the $1000 level.
MACD per hour – ETH/USD’s MACD is gaining momentum in bearish territory.
Hourly RSI – The RSI for ETH/USD is now well below the 50 level.
Key Support Level – $1,120
Key Resistance Level – $1,180