Ethereum is still showing bearish signs below the $1,200 zone against the US Dollar. ETH may continue to fall below the $1,180 support zone.
- Ethereum attempted a small upward correction towards the $1,200 barrier.
- The price is currently trading below $1,200 and the hourly simple moving average is 100.
- There is a break above the key bearish trend line with resistance near $1,195 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair remains at risk of a further decline to the $1,100 or even $1,000 levels.
Ethereum price struggle
Ethereum price remains stable near the $1,180 level. ETH formed a base and started a small upward correction from $1,180, similar to bitcoin.
The price could rise above the $1,185 and $1,190 levels. There is a break above the key bearish trend line with resistance near $1,195 on the ETH/USD hourly chart. The pair even rose above the 23.6% Fib retracement level of the key decline from the $1,232 high to $1,180.
However, bears are active below the $1,220 level. The price of ether is currently trading below $1,200 and the hourly simple moving average is 100.
The immediate resistance is near the $1,205 level and the hourly SMA of 100. It is near the 50% Fib retracement level of the key decline from the $1,232 swing high to the $1,180 low. The next major resistance is near the $1,212 level. The first major resistance is near $1,230.
Source: ETHUSD on TradingView.com
A close above the $1,230 resistance could start a decent upward move. In that case, the price may rise towards the $1,250 resistance. The next major resistance could be $1,265, above which the price could rise to the $1,300 resistance zone.
A recent drop in ETH?
If ethereum fails to rise above the $1,220 resistance, it could start another decline. Initial support on the downside is near the $1,188 level.
The next major support is near the $1,180 level. A downside break below $1,180 could send the price to the $1,120 support. Any losses can get a test of $1,100 zone.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is currently gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently below the 50 level.
Key Support Level – $1,180
Main Resistance Level – $1,220