Ethereum settled below the $1,120 support. According to technical analysis by NewsBTC’s Aayush Jindal, it may risk more losses if it stays below the key $1,150 resistance.
Ethereum Drops Again
Ethereum declined below the $1,150 support zone. ETH is now trading well below this support zone and the 100 hourly simple moving average.
An immediate resistance is near the $1,100 level. There is also a key bearish trend line forming with resistance near $1,100 on the hourly chart of ETH/USD. The trend line is near the 23.6% Fib retracement level of the downward move from the $1,235 high to $1,076 high.
The next major resistance is near the $1,150 area. The 50% Fib retracement level of the drop from the $1,235 low to $1,076 low is also near $1,150. A close above the $1,150 resistance zone could start a decent uptrend. In the indicated case, the price could break the $1,200 resistance. Any further gains could send the price towards $1,235.
Will Ethereum Drop More?
If Jindal fails to clear above the $1,150 resistance, it could continue to decline. The next major support is near the $1,050 area. A close below the $1,050 level could push the price down further. In the stated case, it could drop to the $1,000 level.
What Are Technical Indicators Saying?
- Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bearish zone.
- Hourly RSI – The RSI for ETH/USD is currently well below the 50 level.
- Major Support Level – $1,050
- Main Resistance Level – $1,150
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