Ethereum Price Nosedives, Why ETH Could Soon Test $1,200

Free Bitcoins: FreeBitcoin | BonusBitcoin

Coins Kaufen: Bitcoin.deAnycoinDirektCoinbaseCoinMama (mit Kreditkarte)Paxfull

Handelsplätze / Börsen: Bitcoin.de | KuCoinBinanceBitMexBitpandaeToro

Lending / Zinsen erhalten: Celsius NetworkCoinlend (Bot)

Cloud Mining: HashflareGenesis MiningIQ Mining


Ethereum declined sharply from the $1,500 resistance zone against the US Dollar. ETH is down over 10% and there could be more losses towards the $1,200 support.

  • Ethereum started a fresh decline after it failed to clear the $1,500 resistance zone.
  • The price is now trading below $1,400 and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $1,360 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could accelerate further lower below the $1,300 support zone in the near term.

Ethereum Price Starts Fresh Drop

Ethereum failed to gain strength for a move above the $1,480 and $1,500 resistance levels. ETH formed a top near the $1,475 level and started a fresh decline.

There was a steady decline below the $1,400 level and the 100 hourly simple moving average. The price even traded below the $1,350 and $1,320 support levels. There was a drop over around 10% and the price traded as low as $1,288.

Ether price is now consolidating losses above the $1,280 level and below the 100 hourly simple moving average. On the upside, the price is facing resistance near the $1,335 level. It is near the 23.6% Fib retracement level of the recent decline from the $1,474 swing high to $1,288 low.

The next major resistance is near the $1,360 and $1,380 levels. There is also a key bearish trend line forming with resistance near $1,360 on the hourly chart of ETH/USD. It is near the 50% Fib retracement level of the recent decline from the $1,474 swing high to $1,288 low.

Source: ETHUSD on TradingView.com

A clear break above $1,380 might send the price towards the $1,440 level. Any more gains may perhaps open the doors for a move towards the $1,480 resistance in the near term.

More Losses in ETH?

If ethereum fails to rise above the $1,360 resistance, it could continue to move down. An initial support on the downside is near the $1,300 zone.

The next major support is near $1,260. A downside break below the $1,260 support might another sharp decline. In the stated case, ether price might decline towards the $1,200 level.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is now gaining momentum in the bearish zone.

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

Major Support Level – $1,300

Major Resistance Level – $1,360



[ad_2]

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close