[vc_row full_width=”stretch_row_content_no_spaces” css=”.vc_custom_1522216945055{background-color: #131722 !important;}”][vc_column css=”.vc_custom_1522217480829{padding-right: 0px !important;padding-left: 0px !important;}”][bsfp-cryptocurrency style=”widget-20″ align=”marquee” columns=”2″ coins=”selected” coins-count=”15″ coins-selected=”BTC,ETH,XRP,LTC,EOS,BCH,ADA,XLM,NEO,LTC,EOS,XEM,DASH,USDT,BNB,QTUM,XVG,ONT,ZEC,STEEM” currency=”USD” title=”Cryptocurrency Widget” show_title=”0″ icon=”” scheme=”dark” bs-show-desktop=”1″ bs-show-tablet=”1″ bs-show-phone=”1″ custom-css-class=”” custom-id=”” css=”.vc_custom_1523173421731{margin-bottom: 5px !important;}”][/vc_column][/vc_row]

Ethereum Price Dives 8%, Why ETH Might Soon Test $1K

0

Ethereum started another decline below the $1,180 support against the US Dollar. ETH is down over 8% and there is a risk of a move towards the $1,000 support.

  • Ethereum started a major decline below the $1,180 and $1,170 support levels.
  • The price is now trading below $1,150 and the 100 hourly simple moving average.
  • There was a break below a key bullish trend line with support near $1,210 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could correct losses, but there is a risk of more downsides towards $1,000.

Ethereum Price Takes Hit

Ethereum price attempted an upside break above the $1,250 resistance, similar to bitcoin. ETH struggled to gain momentum and reacted to the downside below $1,200.

There was a break below the $1,180 and $1,170 support levels. Besides, there was a break below a key bullish trend line with support near $1,210 on the hourly chart of ETH/USD. The price gained bearish momentum and declined below the $1,150 level.

Finally, there was a spike below the $1,120 level and the price traded as low was $1,108. Ether price is now trading below $1,150 and the 100 hourly simple moving average.

An immediate resistance on the upside is near the $1,140 level. It is near the 23.6% Fib retracement level of the downward move from the $1,231 swing high to $1,108 low. The next major resistance is near the $1,170 level. The main resistance is now near $1,180.

Source: ETHUSD on TradingView.com

The 61.8% Fib retracement level of the downward move from the $1,231 swing high to $1,108 low is also near $1,180. A clear break above the $1,180 resistance could send the price towards the $1,250 resistance zone. If the bulls remain in action and the price settles above $1,250, the price could start a steady increase towards the $1,300 level.

More Losses in ETH?

If ethereum fails to climb above the $1,180 resistance, it could continue to move down. An initial support on the downside is near the $1,110 level.

The next major support is near the $1,080 level, below which ether price may perhaps gain bearish momentum. In the stated scenario, the price could drop towards the $1,000 support zone in the near term.

Technical Indicators

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

Hourly RSIThe RSI for ETH/USD is now in the oversold zone.

Major Support Level – $1,100

Major Resistance Level – $1,180

Leave A Reply

Your email address will not be published.