Ethereum struggles below $1,100 against the US dollar. ETH could continue falling below the $1,000 support unless there is a clear move above the $1,100 area.
- Ethereum remains in a bearish zone below $1,120 and $1,100.
- The price is now trading below $1,120 and the 100 hourly simple moving average.
- There was a break above the major downtrend line with resistance near $1030 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could drop again unless there is a clear move above the $1,100 resistance area.
Ethereum price faces resistance
Ethereum remains in descending zone The losses extended below the $1,100 support area. ETH even broke the $1050 level to move further into a bearish territory.
Finally, the price of Ether surged below the $1,000 level and traded as low as $997. Recently, there was a sharp bullish move above the $1050 level. The price rose above the 23.6% Fib retracement level of the downside move from the $1,235 swing high to $997 low.
Besides, there was a break above the major downtrend line with resistance near $1030 on the hourly chart of ETH/USD. However, the bears were active near the $1,100 resistance area.
Ether is now trading at just under $1120 and Simple moving average per 100 hours. There is an immediate resistance on the upside near the $1,100 level. The next major resistance is near the $1,120 region. The 50% Fib retracement level of the downside move from the $1,235 swing high to $997 low is also approaching $1,120. A close above the resistance area of $1,120 could lead to a steady increase.
Source: ETHUSD on TradingView.com
In the mentioned case, the price may rise towards the $1200 resistance. Any further gains could send the price towards the high of $1,235.
More losses in ETH?
If Ethereum fails to rise above the $1120 resistance, it may continue to decline. There is initial support on the downside near the $1045 region.
The next major support is near the $1,000 area. A close below the $1,000 level may push the price of Ether down even further. In the aforementioned case, the price of Ether may drop towards the $925 level.
MACD per hour – ETH/USD’s MACD is losing momentum in bullish territory.
Hourly RSI – The RSI for ETH/USD is now approaching the 50 level.
Key Support Level – $1,045
Key Resistance Level – $1,120