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Ethereum
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Ethereum Price Nears Breakdown Support, Can Bulls Save The Day?

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

Ethereum extended its decline below the $1,240 support against the US Dollar. ETH remains at a risk of more losses below the $1,220 support in the near term.

  • Ethereum remained in a bearish zone and traded below the $1,240 support.
  • The price is now trading below $1,250 and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $1,245 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair remains at a risk of a downside break below the $1,220 support.

Ethereum Price Visits Key Support

Ethereum price failed to recover losses and extended its decline below the $1,250 level. ETH even traded below the $1,240 support level and the 100 hourly simple moving average, similar to bitcoin.

The price moved into a short-term bearish zone and even tested the $1,220 support. A low is formed near $1,220 and is currently consolidating losses. Ether price is now trading below $1,250 and the 100 hourly simple moving average.

There is also a key bearish trend line forming with resistance near $1,245 on the hourly chart of ETH/USD. An immediate resistance on the upside is near the $1,235 level. The 23.6% Fib retracement level of the recent drop from the $1,278 swing high to $1,220 low is also near $1,235.

The first major resistance is near the $1,245 level and the bearish trend line. Besides, the 50% Fib retracement level of the recent drop from the $1,278 swing high to $1,220 low and the 100 hourly simple moving average is near the $1,250 level.

Ethereum Price

A close above the $1,250 resistance might start a fresh increase. The next major resistance is near the $1,280 level, above which ether price could gain bullish momentum for a move to $1,310. Any more gains might send the price towards the $1,350 resistance zone.

More Losses in ETH?

If ethereum fails to recover above the $1,250 resistance, it could continue to move down. An initial support on the downside is near the $1,220 level.

The next major support is near the $1,200 level. If there is a break and close below $1,200, the price could even drop towards the $1,165 support. Any more losses could lead the price towards the $1,075 support.

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 – $1,220

Major Resistance Level – $1,250

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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