Ethereum gained pace and traded below $1,150 against the US Dollar. ETH could decline heavily if there is a close below $1,000.
Ethereum started a fresh decline below the $1,200 and $1,150 levels.
The price is now trading below $1,150 and the 100 hourly simple moving average.
There is a key bearish trend line forming with resistance near $1,145 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to decline if there is a close below the $1,085 level.
Ethereum Price Drops Further
Ethereum failed to stay above the $1,200 level and moved into a bearish zone. ETH followed a bearish path and declined below the $1,150 support zone.
There was a clear move below the 61.8% Fib retracement level of the last key increase from the $1,076 swing low to $1,275 swing high. The price is now trading below $1,150 and the 100 hourly simple moving average.
It is also trading below the 76.4% Fib retracement level of the last key increase from the $1,076 swing low to $1,275 swing high. However, there is a key support near the $1,085 level. If ether price stays above $1,085, it could correct higher.
An immediate resistance on the upside is near the $1,130 level. The next major resistance is near the $1,150 zone. Besides, there is a key bearish trend line forming with resistance near $1,145 on the hourly chart of ETH/USD.
Source: ETHUSD on TradingView.com
The next key barrier is near the $1,200 level, above which the price could gain strength. In the stated case, the price could rise towards the $1,280 resistance zone.
More Losses in ETH?
If ethereum fails to rise above the $1,150 resistance, it could continue to move down. An initial support on the downside is near the $1,085 zone. The next major support is near the $1,050 zone.
A downside break below the $1,050 support may perhaps send the price further lower. In the stated case, the price could drop toward the $1,000 level. Any more losses below the $1,000 level may perhaps set the pace for a sharp decline.
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 40 level.
Major Support Level – $1,085
Major Resistance Level – $1,150