Ethereum price is moving lower from ,130. ETH is showing a few bearish signs and might decline toward the ,920 support zone.
- Ethereum is slowly moving lower below the ,060 zone.
- The price is trading below ,060 and the 100-hourly Simple Moving Average.
- There is a major bearish trend line forming with resistance near ,040 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to move down toward the ,920 support zone.
Ethereum Price Extends Decline
Ethereum price started a fresh decline after it struggled near ,130. ETH formed a high at ,132 and started a downward movement. There was a move below the ,100 and ,080 levels, like Bitcoin.
The price even spiked below the ,000 support. A low was formed near ,986 and the price is now consolidating losses. There was a minor recovery wave above the ,020 level. Ether climbed above the 23.6% Fib retracement level of the recent drop from the ,132 swing high to the ,986 low.
Ethereum is now trading below ,060 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the ,040 zone. There is also a major bearish trend line forming with resistance near ,040 on the hourly chart of ETH/USD.
The first key resistance is near the ,060 level or the 50% Fib retracement level of the recent drop from the ,132 swing high to the ,986 low. The next resistance sits at ,100. A clear move above the ,100 level could send the price toward the ,135 resistance zone.
Source: ETHUSD on TradingView.com
The next resistance is near ,150, above which the price could aim for a move toward the ,200 level. Any more gains could start a wave toward the ,250 level.
More Losses in ETH?
If Ethereum fails to clear the ,040 resistance, it could start a fresh decline. Initial support on the downside is near the ,000 level.
The next key support is ,985. A downside break below ,985 might send Ether toward the ,920 support. The key support is now at ,885, below which there is a risk of a move toward the ,820 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – ,985
Major Resistance Level – ,040