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Ethereum Topside Bias Vulnerable If It Continues To Struggle Below $1.2K

Ethereum declined below the $1,150 zone against the US Dollar. ETH is now at a risk of more losses if it stays below the key $1,200 pivot zone.

Ethereum started a fresh decline below the $1,220 and $1,200 levels.
The price is now trading below $1,200 and the 100 hourly simple moving average.
There is a connecting trend line in place with support at $1,130 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could decline further is a clear move below the $1,120 support zone.

Ethereum Price Remains At Risk
Ethereum remained in a bearish zone below the $1,280 and $1,250 resistance levels. ETH started a fresh decline and traded below the key $1,200 support zone.
The decline gained pace below the $1,180 level and the 100 hourly simple moving average. As a result, the bears were able to push the price below the $1,150 support. A low is formed near $1,132 and the price is now consolidating losses.
Ether is now trading well below $1,200 and the 100 hourly simple moving average. There is also a connecting trend line in place with support at $1,130 on the hourly chart of ETH/USD.
An immediate resistance on the upside is near the $1,155 level. It is near the 23.6% Fib retracement level of the recent decline from the $1,235 swing high to $1,132 low. The next major resistance is near the $1,175 zone. The first major hurdle is near the $1,180 level and the 100 hourly simple moving average.
The 50% Fib retracement level of the recent decline from the $1,235 swing high to $1,132 low is also near $1,180. A close above the $1,180 resistance zone could start a steady increase. In the stated case, the price could clear the $1,200 resistance.

Source: ETHUSD on TradingView.com
The next major resistance is near the $1,235 level, above which the price could even rise towards the $1,280 resistance level in the near term.
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 $1,120 zone.
The next major support is near the $1,080 zone. A close below the $1,080 level might spark a sharp decline. In the stated case, ether price may perhaps decline towards the $1,000 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 – $1,120
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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