Ethereum struggled to release USD 1,150 and started a fresh decline against the US dollar. The ETH price is currently trading well below the 100 hourly SMA and USD 1,100.
- Ethereum is showing a few bearish signals after it was rejected out of the USD 1,150 resistance zone.
- The price is now trading well below USD 1,100 and the 100 simple hourly moving average.
- There is a significant bearish trendline with resistance near USD 1,070 on the ETH / USD hourly chart (data feed via Kraken).
- The pair will have to settle for over $ 1,120 and the 100-hour SMA to start a new rally.
Ethereum price could drop again
Yesterday we saw a significant recovery bitcoin, ethereum, ripple and other altcoins. ETH price broke the USD 1,080 and USD 1,100 resistance levels. It even spiked above the USD 1,120 level.
However, the bears defended one large resistance zone near USD 1,150 and the 100 simple hourly moving average. A high was formed at $ 1,152 before the price started to decline again. There was a break below the USD 1,120 and USD 1,100 support levels.
In fact, the ether price fell below the 50% Fib retracement level of the swing low recovery wave of $ 910 to $ 1,152 high. There is also a significant bearish trendline with resistance near $ 1.070 on the ETH / USD hourly chart.
Source: ETHUSD on TradingView.com
If there is no upward break above the trendline resistance and the 100 simple hourly moving average, there is a risk of more losses. An initial support is near the USD 1,000 level or the 61.8% Fib retracement level of the recovery wave from the USD 910 swing low to the USD 1,152 high.
The next big support is near the USD 950 level, below which the ether price could continue to decline towards the USD 900 and USD 880 levels in the near term.
New increase in ETH?
If ethereum breaks through trendline resistance and USD 1,100, it could start a decent rise. The main resistance is still near the USD 1,150 zone and the 100 easy hourly moving average.
A close above the USD 1,150 level and the 100 hourly SMA could change the current bias. The next hurdle for the bulls above the USD 1,150 zone is near the USD 1,220 level.
MACD per hour – The MACD for ETH / USD is struggling to gain pace in the bullish zone.
RSI per hour – The RSI for ETH / USD is still below the 50 level, with a bearish angle.
Major Support Level – $ 1,000
Major Resistance Level – USD 1,150