Ethereum Cuts Gains, Why ETH Is Still at Risk Below $1,100

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 MACDThe MACD for ETH/USD is now losing momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now near the 50 level.

Major Support – $1,045

Major Resistance – $1,120

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