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Ethereum Revisits Key Support, Can The Bulls Protect More Losses

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

Christian Robinson
Christian Robinson
I’m a regular contributor to Forbes, CoinDesk, and Bitcoin Magazine, among others. My work focuses on providing analysis of the latest trends in the crypto industry, as well as offering insights into investment opportunities. I have a strong track record of identifying emerging technologies and assets that can achieve significant growth. As such, I believe that I am uniquely positioned to help investors navigate the ever-changing landscape of cryptocurrency.

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