Ethereum is struggling below the $1,100 area against the US Dollar. ETH could gain bearish momentum if it breaks the $1,030 support area.
- Ethereum is facing resistance near the $1,100 and $1,120 levels.
- The price is now trading below $1,150 and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance near $1,080 on the hourly chart of ETH/USD (data feed via Kraken).
- If there is a clear move below the level of $1,030 and $1,000, the pair may face a sharp decline.
Ethereum price faces hurdles
Ethereum started a downside correction after failing near the $1,190 and $1,200 levels. ETH corrected the decline and traded below the $1,120 support area.
There was a downside break from the 23.6% Fib retracement level of the upward move from $880 low to $1,192 high. Ether price even declined below the $1,150 area and the 100 hourly simple moving average. However, the bulls were active above the $1,030 support level.
Ether price traded above the 50% Fib retracement level of the upward move from the $880 low to $1,192 high. An immediate upside resistance is near the $1,080 level.
There is also a major bearish trend line forming with resistance near $1,080 on the hourly chart of ETH/USD. The next major resistance is near the $1,120 area. The main resistance is near the $1,150 level. A clear move above the $1,150 resistance area could start a steady rise.
Source: ETHUSD on TradingView.com
The next major resistance is near the $1,200 level or the $1,192 high level. Any further gains could start towards the $1,280 resistance area in the near term.
More losses in ETH?
If Ethereum fails to rise above the $1,120 resistance, it is likely to continue with a downside move. An initial support on the downside is near the $1,040 area.
The next major support is near the $1,030 area. A price below the $1,030 level could push the price below the $1,000 level. In this case, Ether price could decline towards the $950 level. Any further losses may call for a move towards the $880 support area in the coming sessions.
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 below the 50 level.
Key Support Level – $1,030
Key Resistance Level – $1,120
