Ethereum is struggling under the $1,100 area against the US dollar. ETH could gain bearish momentum if it breaks above the $1030 support area.
- Ethereum is facing resistance near the $1,100 and $1,120 levels.
- The price is now trading below $1150 and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance near $1,080 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could drop sharply if there is a clear move below the $1030 and $1,000 levels.
Ethereum price faces hurdles
Ethereum started file Correction of the negative side After it failed near $1190 and $1200. ETH corrected lower and traded below the $1,120 support area.
There was a clear move below the 23.6% Fib retracement level of the upward wave from the swing low of $880 to the high of $1,192. Ether price settled even below the $1,150 area and 100-hour simple moving average. However, the bulls were active above the $1030 support level.
Ether price remained above the 50% Fib retracement level of the upward wave from the $880 swing low to $1,192 high. There is immediate resistance on the upside near the $1,080 level.
There is also a major bearish trend line forming with resistance near $1,080 on the hourly chart of ETH/USD. The next major resistance is near the $1120 area. The main resistance is near the $1,150 level. A clear move above the $1,150 resistance area could start a steady increase.
Source: ETHUSD on TradingView.com
The next major resistance is near the $1,200 level or the $1,192 high. Any further gains could start to move towards the resistance at $1.280 in the near term.
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 $1040 region.
The next major support is near the $1030 region. A close below $1030 could push the price below $1000. In the aforementioned case, the price of Ether may fall towards the $950 level. Any further losses may call for a move towards the $880 support area in the upcoming sessions.
MACD per hour – ETH/USD’s MACD is gaining momentum in bearish territory.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Key Support Level – $1,030
Key Resistance Level – $1,120