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Ethereum

Ethereum Price Plunges, Why ETH Could Soon Dive Below $1,000

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

Ethereum traded below the $1,150 support against the US Dollar. ETH is gaining bearish momentum and might dive below the $1,000 support zone.

  • Ethereum remained in a bearish zone below the $1,150 and $1,120 support levels.
  • The price is now trading below $1,150 and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $1,100 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair remains at a risk of more losses below $1,050 and $1,000 in the near term.

Ethereum Price Turns Red

Ethereum price started another decline from the $1,250 resistance, similar to bitcoin. ETH followed a bearish path and settled below the $1,200 pivot level.

The bears gained pace for a move below the $1,150 level and the 100 hourly simple moving average. It traded to a new monthly low at $1,078 and is currently consolidating losses. Ether is now trading below $1,150 and the 100 hourly simple moving average.

An immediate resistance on the upside is near the $1,100 level. There is also a key bearish trend line forming with resistance near $1,100 on the hourly chart of ETH/USD. The trend line is close to the 23.6% Fib retracement level of the downward move from the $1,232 swing high to $1,078 low.

The next major resistance is near the $1,150 level or the 100 hourly simple moving average. The 50% Fib retracement level of the downward move from the $1,232 swing high to $1,078 low is also near $1,155.

Ethereum Price

Source: ETHUSD on TradingView.com

The main resistance is now near $1,200. A clear break above the $1,200 resistance could send the price towards the $1,250 resistance zone. Any more gains might open the doors for a test of the $1,300 resistance zone.

More Losses in ETH?

If ethereum fails to climb above the $1,155 resistance, it could continue to move down. An initial support on the downside is near the $1,080 level.

The next major support is near the $1,000 level, below which ether price may perhaps gain bearish momentum. In the stated scenario, the price could decline towards the $920 support zone in the near term.

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 – $1,080

Major Resistance Level – $1,155

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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