[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 Signals Bearish Moves, Test of $1,100 Seems Possible

0

Ethereum is still showing bearish signs below the $1,200 zone against the US Dollar. ETH could continue to move down below the $1,180 support zone.

  • Ethereum is attempting a minor upside correction towards the $1,200 barrier.
  • The price is now trading below $1,200 and the 100 hourly simple moving average.
  • There was a break above a key bearish trend line with resistance near $1,195 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair remains at a risk of a larger decline towards the $1,100 level or even $1,000.

Ethereum Price Struggles

Ethereum price remained stable near the $1,180 level. ETH formed a base and started a minor upside correction from $1,180, similar to bitcoin.

The price was able to climb above the $1,185 and $1,190 levels. There was a break above a key bearish trend line with resistance near $1,195 on the hourly chart of ETH/USD. The pair even climbed above the 23.6% Fib retracement level of the key decline from the $1,232 swing high to $1,180 low.

However, the bears are active below the $1,220 level. Ether price is now trading below $1,200 and the 100 hourly simple moving average.

An immediate resistance is near the $1,205 level and the 100 hourly SMA. It is near the 50% Fib retracement level of the key decline from the $1,232 swing high to $1,180 low. The next major resistance is near the $1,212 level. The first major resistance is near $1,230.

Source: ETHUSD on TradingView.com

A close above the $1,230 resistance could start a decent upward move. In the stated case, the price may perhaps rise towards the $1,250 resistance. The next major resistance could be $1,265, above which the price might rise towards the $1,300 resistance zone.

Fresh Decline in ETH?

If ethereum fails to climb above the $1,220 resistance, it could start another drop. An initial support on the downside is near the $1,188 level.

The next major support is near the $1,180 level. A downside break below $1,180 might send the price towards the $1,120 support. Any more losses might call for a test of the $1,100 zone.

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 – $1,180

Major Resistance Level – $1,220

Leave A Reply

Your email address will not be published.