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Ethereum Price ETH

Ethereum Price Could Resume Decline If This Support Paves Way

Aayush Jindal by Aayush Jindal
5 months ago
in ETH
Reading Time: 2 mins read

Ethereum started a fresh decline from the $1,230 resistance against the US Dollar. ETH could accelerate lower if there is a clear move below the $1,180 support.

  • Ethereum is showing bearish signs and trading well below the $1,230 resistance zone.
  • The price is now trading below $1,200 and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $1,205 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue to move down if there is a clear move below the $1,185 support.

Ethereum Price Resumes Decline

Ethereum price struggled to clear the key $1,230 resistance zone. ETH formed a high near the $1,232 before it started another decline. There was a clear move below the $1,210 support zone and the 100 hourly simple moving average, similar to bitcoin.

The price even declined below the $1,200 support zone. It retested the $1,185 support zone. A low is formed near $1,186 and the price is now consolidating losses.

Ether price is now trading below $1,200 and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $1,205 on the hourly chart of ETH/USD.

An immediate resistance is near the $1,200 level. It is near the 23.6% Fib retracement level of the recent decline from the $1,232 swing high to $1,186 low. The next major resistance is near the $1,210 level and the trend line. The first major resistance is near $1,215.

The 61.8% Fib retracement level of the recent decline from the $1,232 swing high to $1,186 low is also near the $1,215 level. A close above the $1,215 resistance could start a steady increase. In the stated case, the price may perhaps rise towards the $1,230 resistance.

Ethereum Price

Source: ETHUSD on TradingView.com

The next major resistance could be $1,250, above which the price could accelerate higher towards $1,300. Any more gains might send the price towards the $1,350 resistance zone.

More Losses in ETH?

If ethereum fails to climb above the $1,215 resistance, it could start another drop. An initial support on the downside is near the $1,185 level.

The next major support is near the $1,165 level. A downside break below $1,165 might spark a move towards the $1,100 support. Any more losses could lead the price towards the $1,055 zone.

Technical Indicators

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

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

Major Support Level – $1,185

Major Resistance Level – $1,215

Tags: ETHethereumethusdETHUSDT
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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