Ethereum Price Plunge To $1,150 On The Horizon As Bulls Show Weak Hands
Ethereum declined below the $1,300 support against the US Dollar. ETH is showing bearish signs and there is a risk of a more losses towards $1,200 or even $1,150.
Ethereum started a fresh decline below the $1,350 and $1,320 support levels.
The price is now trading below $1,300 and the 100 hourly simple moving average.
There is a key bearish trend line forming with resistance near $1,285 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to move down if it stays below the $1,300 pivot level.
Ethereum Price Dips Below Key Support
Ethereum struggled to recover above the $1,340 and $1,350 resistance levels. ETH started a fresh decline and traded below the $1,300 support zone.
There was a move below the $1,280 support level and the price settled below the 100 hourly simple moving average. Ether price traded as low as $1,270 and is currently consolidating losses. An immediate resistance on the upside is near the $1,280 level.
The first major resistance is near the $1,285 level. There is also a key bearish trend line forming with resistance near $1,285 on the hourly chart of ETH/USD. The trend line is near the 23.6% Fib retracement level of the recent decline from the $1,337 swing high to $1,276 low.
If there is an upside break above the trend line, ethereum price might rise towards the $1,300 resistance. It is near the 50% Fib retracement level of the recent decline from the $1,337 swing high to $1,276 low.
Source: ETHUSD on TradingView.com
A clear break above $1,300 could send the price further higher. The next major resistance could be near the $1,320 level and the 100 hourly simple moving average, above which the price could revisit $1,350.
More Losses in ETH?
If ethereum fails to climb above the $1,300 resistance, it could continue to move down. An initial support on the downside is near the $1,280 level.
The next major support is near the $1,255 level. A downside break below the $1,255 might increase selling pressure. In the stated case, ether price may perhaps decline towards the $1,200 level. Any more losses might send the price towards $1,150.
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 to the 50 level.
Major Support Level – $1,255
Major Resistance Level – $1,320