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TA: Ethereum Trims Gains, Why ETH Remains At Risk Below $1,100
Ethereum is struggling below $1,100 against the US Dollar. ETH could continue lower below the $1,000 support unless there is a clear move above the $1,100 zone.
Ethereum remained in a bearish zone below $1,120 and $1,100 levels.
The price is now trading below $1,120 and the 100 hourly simple moving average.
There was a break above a major bearish trend line with resistance near $1,030 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could decline again unless there is a clear move above the $1,100 resistance zone.
Ethereum Price Faces Resistance
Ethereum remained in a bearish zone and extended losses below the $1,100 support zone. ETH even broke the $1,050 level to move further into a bearish zone.
Finally, ether price spiked below the $1,000 level and traded as low as $997. Recently, there was a sharp upward move above the $1,050 level. The price surged above the 23.6% Fib retracement level of the downward move from the $1,235 swing high to $997 low.
Besides, there was a break above a major bearish trend line with resistance near $1,030 on the hourly chart of ETH/USD. However, the bears were active near the $1,100 resistance zone.
Ether is now trading below $1,120 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $1,100 level. The next major resistance is near the $1,120 zone. The 50% Fib retracement level of the downward move from the $1,235 swing high to $997 low is also near $1,120. A close above the $1,120 resistance zone could start a steady increase.
Source: ETHUSD on TradingView.com
In the stated case, the price could rise towards 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 $1,120 resistance, it could continue to move down. An initial support on the downside is near the $1,045 zone.
The next major support is near the $1,000 zone. A close below the $1,000 level might push ether price further lower. In the stated case, ether price may perhaps decline towards the $925 level.
Hourly MACD – The MACD for ETH/USD is now losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now near the 50 level.
Major Support Level – $1,045
Major Resistance Level – $1,120
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