Ethereum fell below the $1,200 area against the US dollar. ETH is now at risk of further losses if it fails to hold above the $1,150 support area.
- Ethereum started a new low from the $1,250 and $1,280 levels.
- The price is now trading below $1,200 and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance near $1,200 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could drop sharply if there is a clear move below the $1,150 support area.
Ethereum price struggles
Ethereum fails to continue rising above The $1250 and $1280 resistance levels. ETH made a high near $1,281 and started a new low.
There was a clear move below the $1,220 and $1,200 support levels. Ether price fell below the 23.6% Fib retracement level of the upward move from the $1,043 swing low to $1,280 high. They are now trading for less than $1,200 and Simple moving average per 100 hours.
Ether is also consolidating near the 50% Fib retracement level of the upward move from the $1,043 swing low to $1,280 high. There is an immediate resistance on the upside near the $1,200 level.
Besides, there is a major bearish trend line forming with resistance near $1,200 on the hourly chart of ETH/USD. The next major resistance is near the $1250 area. A close above the $1250 resistance area could lead to a steady increase. In the mentioned case, the price could break the resistance at $1.280.
Source: ETHUSD on TradingView.com
The next major resistance is near the $1350 level, above which the price could rise towards the $1440 resistance in the near term.
More losses in ETH?
If Ethereum fails to rise above the $1200 resistance, it may continue to decline. There is an initial support on the downside near the $1,150 area.
The next major support is near the $1120 area. A close below $1120 could put a lot of pressure on buyers. In the aforementioned case, the price of ether may drop towards the $1050 level or even $1,000 in the upcoming sessions.
MACD per hour – MACD for ETH/USD is gaining momentum in bearish territory.
Hourly RSI – The RSI for ETH/USD is now well below the 50 level.
Key Support Level – $1,150
Key Resistance Level – $1200