Ethereum is still showing bearish signs below the $1,200 level against the US dollar. ETH may continue to drop below the $1,180 support area. Ethereum is attempting a slight upward correction towards the $1,200 barrier.
The current retail price is under $1,200 and the 100 is a simple watch movement. There is a break above the main bearish trend and resistance near $1,195 on the hourly chart of ETH/USD (data feed from Kraken). This pair is exposed to a lower risk than the $1100 level or even the $1000 level.
The Price of Ethereum is Struggling
The price of Ethereum continued to stand near the $1,180 level. ETH formed a base and began a slight upward correction from $1,180, similar to bitcoin. The price may rise above the level of $ 1,185 and $ 1,190.
There is a break above the main bearish trend and resistance near $1,195 on the hourly chart of ETH/USD. The pair climbed above the 23.6% Fib retracement level of the key decline from the $1,232 high to the $1,180 low. However, bears are operating below the $1,220 level. Ether price is currently trading below $1,200 with 100 hourly moving averages.
Immediate resistance is near the $1,205 level and the 100 hour SMA. It is near the 50% Fib retracement level of the key retracement decline from the $1,232 swing low to the $1,180 low. The next major resistance is near the $1,212 level. The first major resistance is near $1,230.
A move above the $1,230 resistance could initiate a positive move higher. In the case indicated, the price may rise towards the resistance at $1,250. The next major stop could be $1,265, above which the price could rise to the stop zone of $1,300.
A New Decline in ETH?
If Ethereum falls above the $1,220 resistance, it could trigger another decline. The first support at the bottom is near the $1,188 level. The next major support is near the $1,180 level. A break below $1,180 could send the price towards the $1,120 support. Any additional losses may require probation in the region of $1,100.
- Hourly MACD – MACD for ETH/USD is currently in bearish territory.
- Hourly RSI – The RSI for ETH/USD is currently below the 50 level. Basic Support Level – $1,180
- Major resistance – $1,220