Ethereum Price Could Resume Decline If This Support Paves Way

Ethereum started a fresh decline from the $1,230 resistance against the US Dollar. ETH could accelerate lower if there is a clear move below the $1,180 support. Ethereum is showing bearish signs and trading well below the $1,230 resistance zone. The price is now trading below $1,200 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $1,205 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to move down if there is [...]

Ethereum started a fresh decline from the $1,230 resistance against the US Dollar. ETH could accelerate lower if there is a clear move below the $1,180 support.

• Ethereum is showing bearish signs and trading well below the $1,230 resistance zone.
• The price is now trading below $1,200 and the 100 hourly simple moving average.
• There is a key bearish trend line forming with resistance near $1,205 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could continue to move down if there is a clear move below the $1,185 support.

Ethereum Price Resumes Decline

Ethereum price struggled to clear the key $1,230 resistance zone. ETH formed a high near the $1,232 before it started another decline. There was a clear move below the $1,210 support zone and the 100 hourly simple moving average, similar to bitcoin.

The price even declined below the $1,200 support zone. It retested the $1,185 support zone. A low is formed near $1,186 and the price is now consolidating losses.

Ether price is now trading below $1,200 and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $1,205 on the hourly chart of ETH/USD.

An immediate resistance is near the $1,200 level. It is near the 23.6% Fib retracement level of the recent decline from the $1,232 swing high to $1,186 low. The next major resistance is near the $1,210 level and the trend line. The first major resistance is near $1,215.

The 61.8% Fib retracement level of the recent decline from the $1,232 swing high to $1,186 low is also near the $1,215 level. A close above the $1,215 resistance could start a steady increase. In the stated case, the price may perhaps rise towards the $1,230 resistance.

Source: ETHUSD on TradingView.com

The next major resistance could be $1,250, above which the price could accelerate higher towards $1,300. Any more gains might send the price towards the $1,350 resistance zone.

More Losses in ETH?

If ethereum fails to climb above the $1,215 resistance, it could start another drop. An initial support on the downside is near the $1,185 level.

The next major support is near the $1,165 level. A downside break below $1,165 might spark a move towards the $1,100 support. Any more losses could lead the price towards the $1,055 zone.

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 below the 50 level.

Major Support Level – $1,185

Major Resistance Level – $1,215

Source: NewsBTC