TA: Ethereum Could Resume Decline Below $1,100, Bears In Control

Ethereum remains in a bearish zone below $1,200 against the US Dollar. ETH could continue to move down unless it surges past the $1,280 resistance. Ethereum remains in a downtrend below the $1,200 and $1,280 levels. The price is now trading below $1,250 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $1,245 on the hourly chart of ETH/USD (data feed via Kraken). The pair could resume its decline below the $1,120 and $1,100 levels in the near term. Ethereum Price Faces Hurdles Ethereum settled well below the $1,500 support zone. The price traded as low as $1,073 and recently started a minor upside correction. There was a recovery wave above the $1,120 and $1,150 levels. Ether price climbed above the 23.6% Fib retracement level of the recent decline from the $1,545 swing high to $1,072 low. However, the price is still trading below $1,250 and the 100 hourly simple moving average. The bears were active near the $1,260 resistance zone. There is also a key bearish trend line forming with resistance near $1,245 on the hourly chart of ETH/USD. On the upside, an initial resistance is near the $1,240 level. The first major resistance is near the $1,280 and $1,300 levels. The 50% Fib retracement level of the recent decline from the $1,545 swing high to $1,072 low is also near the $1,300 zone. Source: ETHUSD on TradingView.com A clear move above the trend line resistance and then $1,300 could start a recovery wave. The next major resistance is near the $1,350 level and the 100 hourly simple moving average. Any more gains could start a move towards the $1,440 resistance. More Losses in ETH? If ethereum fails to rise above the $1,280 resistance, it could continue to move down. An initial support on the downside is near the $1,120 zone. The next major support is near the $1,070 zone. A clear move and break below the $1,070 zone could put a lot of pressure on the bulls. In the stated case, the price could slide towards the $1,000 support zone in the near term. 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. Major Support Level – $1,070 Major Resistance Level – $1,280
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Author: toutiao