Ethereum started a fresh decline from the $1,320 resistance against the US Dollar. ETH is struggling and remains at risk of falling below $1,150.
- Ethereum started another decline and traded below the $1,200 support.
- The price is now trading below $1,200 and the 100 hourly simple moving average.
- There is a key contracting triangle forming with resistance near $1,190 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue lower unless the price scales above the $1,220 resistance.
Ethereum price turns red
Ethereum price failed to stay above the $1,300 support zone. ETH reacted to the downside, trading below the $1,250 support zone to move into a bearish zone, similar to Bitcoin.
The decline accelerated below $1,200 and the 100 hourly simple moving average. Ether price traded as low as $1,154 and it is currently consolidating losses. There was a small bounce above the $1,180 resistance zone but the bears remained active.
Ether price is now trading below $1,200 and the 100 hourly simple moving average. It is also trading below the 23.6% Fib retracement level of the move down from the $1,350 high to $1,154 low.
Immediate resistance on the upside is near $1,190. There is also a key contracting triangle forming with resistance near $1,190 on the hourly chart of ETH/USD. The first major resistance is near $1,210 and the 100 hourly simple moving average.
Source: ETHUSD on TradingView.com
A close above the $1,220 resistance could start a decent climb. The next major resistance could be $1,260 or the 50% Fib retracement level of the move down from the $1,350 swing high to $1,154 low, above which Ether could rally towards $1,300. Further gains could send the price towards the $1,350 resistance zone.
More losses at ETH?
If Ethereum fails to scale above the $1,220 resistance, it could continue lower. Initial support on the downside is near $1,170.
The next major support is near $1,150, below which the price might gain bearish momentum towards the $1,100 support. Further losses could lead the price towards the $1,050 support.
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.
Greater support level – $1,150
Main resistance level – $1,220
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