Ethereum Revisits Key Support, Can The Bulls Protect More Losses

Ethereum

Ethereum started another decline below $1,200 against the US Dollar. ETH could decline heavily if there is a close below $1,150.

Ethereum failed to clear the $1,280 resistance zone and declined below $1,200.
The price is now trading below $1,200 and the 100 hourly simple moving average.
There is a major bearish trend line forming with resistance near $1,180 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to decline if there is a close below the $1,150 level.

Ethereum Price Takes A Hit
Ethereum attempted an upside break above the $1,275 resistance zone. However, ETH failed to extend gains and started a fresh decline below the $1,220 level.
There was a clear move below the $1,200 level and the 100 hourly simple moving average. Ether price traded below the 50% Fib retracement level of the upward move from the $1,076 swing low to $1,276 high. It is now struggling to stay above the $1,150 support zone.
The price is consolidating near the 61.8% Fib retracement level of the upward move from the $1,076 swing low to $1,276 high. There is also a major bearish trend line forming with resistance near $1,180 on the hourly chart of ETH/USD.
An immediate resistance on the upside is near the $1,175 level. The next major resistance is near the trend line zone and $1,180, above which the price may perhaps rise towards $1,220.

Source: ETHUSD on TradingView.com
The key barrier is still near the $1,280 level, above which the price could gain strength. In the stated case, the price could rise towards the $1,350 resistance zone.
More Losses in ETH?
If ethereum fails to rise above the $1,180 resistance, it could continue to move down. An initial support on the downside is near the $1,123 zone. The next major support is near the $1,080 zone.
A downside break below the $1,080 support may perhaps send the price further lower. In the stated case, the price may perhaps decline toward the $1,020 level. If the price fails to stay above the $1,020 or $1,000, it could even slide towards the $950 level.
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 well below the 50 level.
Major Support Level – $1,125
Major Resistance Level – $1,180

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