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Ethereum is still showing bearish signs below the $1,200 zone against the US Dollar. ETH could continue to move down below the $1,180 support zone.
Ethereum is attempting a minor upside correction toward the $1,200 barrier. Ethereum price is now trading below $1,200 and the 100 hourly simple moving average.
There was a break above a key bearish trend line with resistance near $1,195 on the hourly chart of ETH/USD (data feed via Kraken). The pair remains at a risk of a larger decline towards the $1,100 level or even $1,000.
Ethereum Price Struggles
Ethereum price remained stable near the $1,180 level. ETH formed a base and started a minor upside correction from $1,180, similar to bitcoin.
The price was able to climb above the $1,185 and $1,190 levels. There was a break above a key bearish trend line with resistance near $1,195 on the hourly chart of ETH/USD. The pair even climbed above the 23.6% Fib retracement level of the key decline from the $1,232 swing high to the $1,180 low.
However, the bears are active below the $1,220 level. Ethereum price is now trading below $1,200 and the 100 hourly simple moving average.
Immediate resistance is near the $1,205 level and the 100 hourly SMA. It is near the 50% Fib retracement level of the key decline from the $1,232 swing high to the $1,180 low. The next major resistance is near the $1,212 level. The first major resistance is nearly $1,230.
Source: ETHUSD on TradingView.com
A close above the $1,230 resistance could start a decent upward move. In the stated case, the price may perhaps rise toward the $1,250 resistance. The next major resistance could be $1,265, above which the price might rise toward the $1,300 resistance zone.
Fresh Decline in ETH?
If Ethereum fails to climb above the $1,220 resistance, it could start another drop. Initial support on the downside is near the $1,188 level.
The next major support is near the $1,180 level. A downside break below $1,180 might send the price toward the $1,120 support. Any more losses might call for a test of the $1,100 zone.
Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 levels.
Major Support Level – $1,180
Major Resistance Level – $1,220