Ethereum fell below the $1,200 area against the US Dollar. ETH now faces the risk of more losses if it fails to hold above the $1,150 support area.
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Ethereum started a fresh decline from the $1,250 and $1,280 levels.
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The price is now trading below $1,200 and the 100 hourly simple moving average.
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There is a major bearish trend line forming with resistance near $1,200 on the hourly chart of ETH/USD (data feed via Kraken).
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If there is a clear break below the $1,150 support area, the pair could see a sharp decline.
Ethereum price struggles
Ethereum failed to continue above the $1,250 and $1,280 resistance levels. ETH formed a high near $1,281 and started a fresh decline.
There was a clear break below the $1,220 and $1,200 support levels. Ethereum price fell below the 23.6% Fib retracement level from a swing low of $1,043 to a high of $1,280. It is now trading below $1,200 and the 100 hourly simple moving average.
Ethereum is also consolidating near the 50% Fib retracement level of the swing low from $1,043 to $1,280 high. Immediate resistance on the upside is near $1,200.
Additionally, there is a major bearish trend line forming with resistance near $1,200 on the hourly chart of ETH/USD. The next major resistance is near $1,250. A close above the $1,250 resistance could start a steady upward move. In the above scenario, the price is likely to clear the $1,280 resistance.
The next major resistance is near $1,350, above which the price could even rise towards the $1,440 resistance in the near term.
ETH loses more?
If Ethereum fails to break above the $1,200 resistance, it may continue to fall. Initial support on the downside is near $1,150.
The next major support is near $1,120. A close below $1,120 could put a lot of pressure on the bulls. In the above scenario, Ethereum price could fall to $1,050 or even $1,000 in the coming trading days.
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 well below the 50 level.
Major Support – $1,150
Major Resistance – $1,200