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TA: Ethereum Key Indicators Suggest A Sharp Drop Below $1K
Ethereum declined below the $1,120 support against the US Dollar. ETH is now at a risk of more losses if it stays below the key $1,150 resistance.
Ethereum remained in a bearish zone below $1,200 and $1,150 levels.
The price is now trading below $1,150 and the 100 hourly simple moving average.
There is a key bearish trend line forming with resistance near $1,100 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could decline further if there is a clear move below the $1,050 support zone.
Ethereum Price Turns Red
Ethereum remained in a bearish zone and extended losses below the $1,150 support zone. ETH failed to stay above the $1,120 support zone and moved further into a bearish zone.
The price even settled below the $1,000 support zone and tested the $1,075 zone. A low is formed near $1,076 and the price is now consolidating losses. It is trading well below $1,150 and the 100 hourly simple moving average.
An immediate resistance on the upside is near the $1,100 level. There is also a key bearish trend line forming with resistance near $1,100 on the hourly chart of ETH/USD. The trend line is near the 23.6% Fib retracement level of the downward move from the $1,235 swing high to $1,076 low.
Source: ETHUSD on TradingView.com
The next major resistance is near the $1,150 zone. The 50% Fib retracement level of the downward move from the $1,235 swing high to $1,076 low is also near $1,150. A close above the $1,150 resistance zone could start a steady increase. In the stated case, the price could clear the $1,200 resistance. Any more gains might send the price towards the $1,235 high.
More Losses in ETH?
If ethereum fails to rise above the $1,150 resistance, it could continue to move down. An initial support on the downside is near the $1,075 zone.
The next major support is near the $1,050 zone. A close below the $1,050 level might push ether price further lower. In the stated case, ether price may perhaps decline towards the $1,000 level.
Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now well below the 50 level.
Major Support Level – $1,050
Major Resistance Level – $1,150
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