BTC / USD
23,309.82
0.49%
(-115.09)
ETH / USD
1,653.43
0.74%
(+12.12)
XRP / USD
0.41
0.63%
(-0)
LTC / USD
98.64
0.28%
(+0.28)
EOS / USD
1.10
1.2%
(+0.01)
BCH / USD
136.75
0.61%
(-0.84)
ADA / USD
0.40
0.15%
(0)
XLM / USD
0.09
0.44%
(0)
NEO / USD
8.86
0.45%
(+0.04)
XEM / USD
0.04
1.49%
(0)
DASH / USD
61.74
0.16%
(+0.1)
USDT / USD
1.00
0%
(0)
BNB / USD
328.72
1.69%
(+5.47)
QTUM / USD
2.79
1.82%
(+0.05)
XVG / USD
0.00
0.35%
(-0)
ONT / USD
0.22
2.93%
(+0.01)
ZEC / USD
46.38
1.09%
(+0.5)
STEEM / USD
0.21
6.44%
(+0.01)

Ethereum Price Remains Vulnerable, Will ETH Fall Back To $1K?

0

Ethereum failed to clear the $1,300 resistance zone against the US Dollar. ETH is declining and there is a risk of a drop below the $1,265 support.

  • Ethereum is still showing bearish signs below the $1,350 and $1,320 support levels.
  • The price is now trading below $1,300 and the 100 hourly simple moving average.
  • There was a break below a key rising channel with support at $1,290 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair remains at a risk of more losses unless there is a clear move above the $1,300 level.

Ethereum Price Remains In Downtrend

Ethereum started a minor upside correction from the $1,265 support zone. ETH traded as low as $1,268 and recovered above the $1,280 level.

There was a break above the 23.6% Fib retracement level of the downward move from the $1,338 swing high to $1,268 low. Ether price even attempted a clear move above the $1,300 resistance zone and the 100 hourly simple moving average.

However, the bulls failed to gain strength for a close above $1,300. Ethereum price failed to clear the 50% Fib retracement level of the downward move from the $1,338 swing high to $1,268 low.

There was a fresh decline from $1,300. Besides, there was a break below a key rising channel with support at $1,290 on the hourly chart of ETH/USD. The pair is now trading below $1,300 and the 100 hourly simple moving average.

Source: ETHUSD on TradingView.com

An immediate resistance on the upside is near the $1,298 level. The first major resistance is near the $1,300 level. A clear upside break above the $1,300 resistance zone could open the doors for a steady increase. In the stated case, the price may perhaps rise towards the $1,350 resistance. Moreover, it could help bitcoin and other altcoins in gaining pace.

Sharp Drop in ETH?

If ethereum fails to recover above the $1,300 resistance, it could continue to move down. An initial support on the downside is near the $1,275 level.

The next major support is near the $1,265 level. A downside break below the $1,265 might start a major decline towards $1,200. Any more losses may perhaps open the gates for a move towards the $1,000 support.

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 to the 50 level.

Major Support Level – $1,265

Major Resistance Level – $1,300

Leave A Reply

Your email address will not be published.