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Breaking News: BREAKING: Valkyrie Secures Green Light For Ethereum Futures ETF, Trading Launching Tomorrow
Ethereum
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Ethereum Price Plunge To $1,150 On The Horizon As Bulls Show Weak Hands

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

Ethereum declined below the $1,300 support against the US Dollar. ETH is showing bearish signs and there is a risk of a more losses towards $1,200 or even $1,150.

  • Ethereum started a fresh decline 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 is a key bearish trend line forming with resistance near $1,285 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue to move down if it stays below the $1,300 pivot level.

Ethereum Price Dips Below Key Support

Ethereum struggled to recover above the $1,340 and $1,350 resistance levels. ETH started a fresh decline and traded below the $1,300 support zone.

There was a move below the $1,280 support level and the price settled below the 100 hourly simple moving average. Ether price traded as low as $1,270 and is currently consolidating losses. An immediate resistance on the upside is near the $1,280 level.

The first major resistance is near the $1,285 level. There is also a key bearish trend line forming with resistance near $1,285 on the hourly chart of ETH/USD. The trend line is near the 23.6% Fib retracement level of the recent decline from the $1,337 swing high to $1,276 low.

If there is an upside break above the trend line, ethereum price might rise towards the $1,300 resistance. It is near the 50% Fib retracement level of the recent decline from the $1,337 swing high to $1,276 low.

Ethereum Price ETH

Source: ETHUSD on TradingView.com

A clear break above $1,300 could send the price further higher. The next major resistance could be near the $1,320 level and the 100 hourly simple moving average, above which the price could revisit $1,350.

More Losses in ETH?

If ethereum fails to climb above the $1,300 resistance, it could continue to move down. An initial support on the downside is near the $1,280 level.

The next major support is near the $1,255 level. A downside break below the $1,255 might increase selling pressure. In the stated case, ether price may perhaps decline towards the $1,200 level. Any more losses might send the price towards $1,150.

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 to the 50 level.

Major Support Level – $1,255

Major Resistance Level – $1,320

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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