TA: Ethereum Topside Bias Vulnerable If It Continues To Struggle Below $1.2KAayush JindalNewsBTC

TA: Ethereum Topside Bias Vulnerable If It Continues To Struggle Below $1.2KAayush JindalNewsBTC

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

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About the Author: Aayush Jindal