BTC / USD
41,982.37
4.24%
(-1860.76)
ETH / USD
2,227.40
5.07%
(-119.05)
XRP / USD
0.62
5.89%
(-0.04)
LTC / USD
72.55
7.34%
(-5.75)
EOS / USD
0.77
6.75%
(-0.06)
BCH / USD
232.53
6.95%
(-17.36)
ADA / USD
0.55
8.2%
(-0.05)
XLM / USD
0.12
5.66%
(-0.01)
NEO / USD
11.82
8.69%
(-1.12)
XEM / USD
0.04
8.12%
(-0)
DASH / USD
32.50
7.37%
(-2.59)
USDT / USD
1.00
0.04%
(-0)
BNB / USD
242.53
0.91%
(+2.19)
QTUM / USD
3.12
8.47%
(-0.29)
XVG / USD
0.00
7.34%
(-0)
ONT / USD
0.23
6.87%
(-0.02)
ZEC / USD
30.42
8.91%
(-2.98)
STEEM / USD
0.25
6.28%
(-0.02)

What Could Trigger Sharp Decline

0

Ethereum is struggling below the $1,100 zone against the US Dollar. ETH could gain bearish momentum if it breaks the $1,030 support zone.

  • Ethereum is facing resistance near the $1,100 and $1,120 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 $1,080 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could decline heavily if there is a clear move below the $1,030 and $1,000 levels.

Ethereum Price Faces Hurdles

Ethereum started a downside correction after it failed near $1,190 and $1,200. ETH corrected lower and traded below the $1,120 support zone.

There was a clear move below the 23.6% Fib retracement level of the upward wave from the $880 swing low to $1,192 high. Ether price even settled below the $1,150 zone and the 100 hourly simple moving average. However, the bulls were active above the $1,030 support.

Ether price stayed above the 50% Fib retracement level of the upward wave from the $880 swing low to $1,192 high. An immediate resistance on the upside is near the $1,080 level.

There is also a key bearish trend line forming with resistance near $1,080 on the hourly chart of ETH/USD. The next major resistance is near the $1,120 zone. The main resistance sits near the $1,150 level. A clear move above the $1,150 resistance zone 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 more gains could start a move towards the $1,280 resistance in the near term.

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 $1,040 zone.

The next major support is near the $1,030 zone. A close below the $1,030 level might push the price below $1,000. In the stated case, ether price may perhaps decline towards the $950 level. Any more losses might call for a move towards the $880 support zone in the coming sessions.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is now gaining momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now below the 50 level.

Major Support Level – $1,030

Major Resistance Level – $1,120

Leave A Reply

Your email address will not be published.