TA: Ethereum Price Just Reversed and $1,200 is Imminent, Here’s Why

Aayush Jindal

1 year ago

2 mins read

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Ethereum started a major decline from the $1,400 resistance against the US Dollar. ETH is moving lower and might even slide towards the $1,200 level.

Ethereum gained bearish momentum 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 was a break below a major bullish trend line with support at $1,290 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could extend its decline towards the $1,220 and $1,200 support levels.

Ethereum Price Dips Again

Ethereum attempted a decent increase above the $1,350 level. ETH even broke the $1,380, similar to bitcoin. However, the bulls failed to clear the $1,400 resistance zone.

A high was formed near $1,399 and the price started a fresh decline. There was a clear move below the $1,350 and $1,320 support levels. There was a clear move below the 76.4% Fib retracement level of the upward move from the $1,269 swing low to $1,399 high.

Besides, there was a break below a major bullish trend line with support at $1,290 on the hourly chart of ETH/USD. Ether price is also trading below $1,300 and the 100 hourly simple moving average.

On the upside, the price is facing resistance near the $1,290 and $1,300 levels. The next major resistance is near $1,325 level and the 100 hourly SMA. A clear break above $1,325 might start a decent increase towards the $1,380 level.

Source: ETHUSD on TradingView.com

Any more gains may perhaps open the doors for a move towards the $1,400 resistance, above which the bulls could aim a strong increase.

More Losses in ETH?

If ethereum fails to climb above the $1,325 resistance, it could continue to move down. An initial support on the downside is near the $1,270.

The next major support is near the $1,240 level. It is near the 1.236 Fib extension level of the upward move from the $1,269 swing low to $1,399 high. A downside break below the $1,240 level might send the price towards the $1,200 support in the near term. Any more losses could increase selling and the price might drop to $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 the 50 level.

Major Support Level – $1,240

Major Resistance Level – $1,325

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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