BTC / USD
27,117.75
2.37%
(-657.36)
ETH / USD
1,865.86
2.02%
(-38.43)
XRP / USD
0.52
1.62%
(-0.01)
LTC / USD
89.65
2.56%
(-2.36)
EOS / USD
0.89
2.44%
(-0.02)
BCH / USD
112.77
1.61%
(-1.85)
ADA / USD
0.38
0.58%
(-0)
XLM / USD
0.09
0.77%
(0)
NEO / USD
10.40
2.44%
(-0.26)
XEM / USD
0.03
2.1%
(-0)
DASH / USD
41.66
5.23%
(-2.3)
USDT / USD
1.00
0%
(0)
BNB / USD
306.10
2.02%
(-6.3)
QTUM / USD
2.61
3.72%
(-0.1)
XVG / USD
0.00
5.77%
(-0)
ONT / USD
0.22
5.8%
(-0.01)
ZEC / USD
32.17
5.6%
(-1.91)
STEEM / USD
0.18
3.42%
(-0.01)

What Could Trigger Sharp Decline

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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

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