Ethereum fell below $1,100 against the US dollar. Unless there is a clear break above the $1,100 area, ETH is likely to continue falling below the $1,000 support.
- Ethereum remains in a bearish zone below $1,120 and $1,100.
- The price is now trading below $1,120 and the 100 hourly simple moving average.
- There was a break above a major bearish trend line with resistance near $1,030 on the hourly chart of ETH/USD (data feed via Kraken).
- Barring a clear move above the $1,100 resistance zone, the pair is likely to decline again.
Ethereum price faces resistance
Ethereum remains at bearish zone It extended losses below the $1,100 support area. ETH even broke the $1,050 level to move further into bearish territory.
Finally, ether prices surged below $1,000, trading as low as $997. Recently, there has been a sharp rise above $1,050. The price surged above the 23.6% Fib retracement level of the move from the $1,235 high to $997 low.
Additionally, there was a break above a major bearish trend line with resistance near $1,030 on the hourly chart of ETH/USD. However, the bears are active near the $1,100 resistance zone.
Ether is now trading below $1,120, while 100 hourly simple moving average. Immediate resistance on the upside is near $1,100. The next major resistance is near $1,120. The 50% Fib retracement level of the $1,235 swing high to $997 low is also near $1,120. A close above the $1,120 resistance could start a steady rise.
Source: ETHUSD on TradingView.com
In the aforementioned case, the price could rise towards the $1,200 resistance. Any more gains could push the price towards a high of $1,235.
ETH to lose more?
If Ethereum fails to break the $1,120 resistance, it could continue to decline. Initial support on the downside is near $1,045.
The next major support is near $1,000. A close below $1,000 could push Ether prices further down. In the aforementioned scenario, ether price could drop to the $925 level.
Technical indicators
Hourly MACD – The MACD for ETH/USD is now losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now near the 50 level.
Major Support – $1,045
Major Resistance – $1,120