Ethereum Price Dives 8%, Why ETH Might Soon Test $1K

Read full article at newsbtc.

Ethereum started another decline below the $1,180 support against the US Dollar. ETH is down over 8% and there is a risk of a move towards the $1,000 support.

  • Ethereum started a major decline below the $1,180 and $1,170 support levels.
  • The price is now trading below $1,150 and the 100 hourly simple moving average.
  • There was a break below a key bullish trend line with support near $1,210 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could correct losses, but there is a risk of more downsides towards $1,000.

Ethereum Price Takes Hit

Ethereum price attempted an upside break above the $1,250 resistance, similar to bitcoin. ETH struggled to gain momentum and reacted to the downside below $1,200.

There was a break below the $1,180 and $1,170 support levels. Besides, there was a break below a key bullish trend line with support near $1,210 on the hourly chart of ETH/USD. The price gained bearish momentum and declined below the $1,150 level.

Finally, there was a spike below the $1,120 level and the price traded as low was $1,108. Ether price is now trading below $1,150 and the 100 hourly simple moving average.

An immediate resistance on the upside is near the $1,140 level. It is near the 23.6% Fib retracement level of the downward move from the $1,231 swing high to $1,108 low. The next major resistance is near the $1,170 level. The main resistance is now near $1,180.

Source: ETHUSD on TradingView.com

The 61.8% Fib retracement level of the downward move from the $1,231 swing high to $1,108 low is also near $1,180. A clear break above the $1,180 resistance could send the price towards the $1,250 resistance zone. If the bulls remain in action and the price settles above $1,250, the price could start a steady increase towards the $1,300 level.

More Losses in ETH?

If ethereum fails to climb above the $1,180 resistance, it could continue to move down. An initial support on the downside is near the $1,110 level.

The next major support is near the $1,080 level, below which ether price may perhaps gain bearish momentum. In the stated scenario, the price could drop towards the $1,000 support zone in the near term.

Technical Indicators

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

Hourly RSIThe RSI for ETH/USD is now in the oversold zone.

Major Support Level – $1,100

Major Resistance Level – $1,180

This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. CryptosOnline.com does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.

#Bitcoin #Crypto #Cryptocurrency