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Ethereum
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Ethereum Price Signals Bearish Moves, Test of $1,100 Seems Possible

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

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.

Ethereum Price

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 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 – $1,180

Major Resistance Level – $1,220

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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