Ethereum Reverse Gains, Why ETH Could Dive Below $1K

Ethereum failed to clear the $1,250 resistance against the US Dollar. ETH is declining and remains at a risk of more downsides below the $1,000 support.

Ethereum started a fresh decline after it failed to surpass the $1,250 zone.
The price is now trading below $1,200 and the 100 hourly simple moving average.
There is a connecting bearish trend line forming with resistance near $1,095 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could resume its decline unless it clears $1,150 and $1,200 in the near term.

Ethereum Price Remains At Risk
Ethereum attempted a recovery wave above the $1,200 resistance zone. However, the bears were active near the $1,250 level. A high was formed near $1,256 and the price started a fresh decline.
There was a move below the $1,200 and $1,150 levels. The price even settled below the $1,200 level and the 100 hourly simple moving average. A low was formed near $1,050 and ether is now consolidating losses. An immediate resistance is near the $1,090 level.
There is also a connecting bearish trend line forming with resistance near $1,095 on the hourly chart of ETH/USD. The trend line is near the 23.6% Fib retracement level of the recent drop from the $1,256 swing high to $1,050 low.
The next major resistance is near the $1,150 zone. It is close to the 50% Fib retracement level of the recent drop from the $1,256 swing high to $1,050 low. Any more gains might call for a test of the $1,200 level or the 100 hourly simple moving average.

Source: ETHUSD on TradingView.com
A clear move above the $1,200 resistance zone may perhaps start a decent upward move. The next major resistance is near the $1,260 level. Any more gains could start a move towards the $1,350 resistance.
More Losses in ETH?
If ethereum fails to rise above the $1,200 resistance, it could continue to move down. An initial support on the downside is near the $1,050 zone.
The next major support is near the $1,000 zone. A clear move and break below the $1,000 zone could start a major decline. In the stated case, the price could slide towards the $880 support zone in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $1,000
Major Resistance Level – $1,200

Teresa Bach
Teresa Bach
Teresa is a crypto writer. He is interested in cryptocurrencies, technology, and in particular the subject of online security. An open supporter of freedom of speech, privacy, and equality for all. On a personal level, he likes to stay socially active, loves playing snooker, cricket, enjoys seafood, and loves listening to folk music.

Similar Articles

Most Popular

Here Are 4 As To Why Japanese Porn Is Cencored Ways Everyone Believes In. Which One Do You Prefer?

Unfortunately for us, though, we don’t make as much money from the hits mainly because, say, jennymovies porn - https://muddyhighheels.com/forum/memberlist.php?mode=viewprofile&u=19799 - a songwriter...

Ethereum Eyes Fresh Rally If It Clears This Key Breakout Zone

Ethereum remained supported above the $1,550 zone against the US Dollar. ETH is rising and might gain pace if there is a clear move...

A decentralized future for fans and Hollywood – Cointelegraph Magazine

The traditional film industry is one of the most centralized and traditional of them all. Just a handful of movie studios and streaming conglomerates...

Bitcoin Price Lacks Momentum, Why BTC Could Drop 5%

Bitcoin is struggling to climb above the $24,000 resistance zone against the US Dollar. BTC is declining and might continue to move down towards...

How much enforcement is too much? – Cointelegraph Magazine

Many blockchain companies now believe that regulation is inevitable, but there’s a growing debate over where to draw the line between protecting users and...

The US technology bill would establish a blockchain adviser job for the Biden administration

A new piece of legislation that would establish the post of a blockchain adviser to the US government has blockchain aficionados excited. The CHIPS...

Ethereum Rockets Towards $1,800 as Bulls Take Over Crypto Market

Ethereum started a strong increase above the $1,700 level against the US Dollar. ETH is showing positive signs and might rise again towards $1,800. Ethereum...

Bitcoin Price Gains Momentum, Why The Bulls Could Aim $25K

Bitcoin started a fresh increase above the $23,000 resistance zone against the US Dollar. BTC might continue to rise towards the $25,000 resistance zone. Bitcoin...

Influencing behavior, making money – Cointelegraph Magazine

Economics is the study of human behavior involving scarce resources — and the effects those behaviors have on those resources, explains Roderick McKinley. Tokenomics...

Ethereum Recovery Faces Major Hurdle, Risk of Fresh Decline Exits

Ethereum declined towards $1,350 before recovering higher against the US Dollar. ETH is now facing a major resistance near the $1,460 and $1,500 levels. Ethereum...
bitcoin
Bitcoin (BTC) $ 23,325.25
ethereum
Ethereum (ETH) $ 1,713.45
tether
Tether (USDT) $ 1.00
usd-coin
USD Coin (USDC) $ 1.00
bnb
BNB (BNB) $ 326.75
xrp
XRP (XRP) $ 0.373975
cardano
Cardano (ADA) $ 0.533209
binance-usd
Binance USD (BUSD) $ 1.00
solana
Solana (SOL) $ 41.99
polkadot
Polkadot (DOT) $ 8.81
dogecoin
Dogecoin (DOGE) $ 0.070096
avalanche-2
Avalanche (AVAX) $ 28.08
shiba-inu
Shiba Inu (SHIB) $ 0.000012
dai
Dai (DAI) $ 1.00
staked-ether
Lido Staked Ether (STETH) $ 1,650.60
matic-network
Polygon (MATIC) $ 0.920327
tron
TRON (TRX) $ 0.069841
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 23,318.25
ethereum-classic
Ethereum Classic (ETC) $ 37.53
okb
OKB (OKB) $ 18.31
leo-token
LEO Token (LEO) $ 4.89
litecoin
Litecoin (LTC) $ 61.32
ftx-token
FTX (FTT) $ 30.55
uniswap
Uniswap (UNI) $ 8.87
chainlink
Chainlink (LINK) $ 8.43
near
NEAR Protocol (NEAR) $ 5.18
crypto-com-chain
Cronos (CRO) $ 0.147830
cosmos
Cosmos Hub (ATOM) $ 11.45
stellar
Stellar (XLM) $ 0.125716
flow
Flow (FLOW) $ 2.92
monero
Monero (XMR) $ 164.63
bitcoin-cash
Bitcoin Cash (BCH) $ 141.41
algorand
Algorand (ALGO) $ 0.366696
filecoin
Filecoin (FIL) $ 9.12
vechain
VeChain (VET) $ 0.031715
apecoin
ApeCoin (APE) $ 7.28
internet-computer
Internet Computer (ICP) $ 8.28
decentraland
Decentraland (MANA) $ 1.08
chain-2
Chain (XCN) $ 0.085212
hedera-hashgraph
Hedera (HBAR) $ 0.078382
tezos
Tezos (XTZ) $ 1.92
the-sandbox
The Sandbox (SAND) $ 1.34
quant-network
Quant (QNT) $ 127.17
theta-token
Theta Network (THETA) $ 1.67
axie-infinity
Axie Infinity (AXS) $ 18.80
elrond-erd-2
Elrond (EGLD) $ 66.68
aave
Aave (AAVE) $ 103.13
frax
Frax (FRAX) $ 0.998888
lido-dao
Lido DAO (LDO) $ 2.47
eos
EOS (EOS) $ 1.24