TA: Ethereum Turns Red, Why ETH Must Hold This Key Support

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TA: Ethereum Turns Red, Why ETH Must Hold This Key Support

Ethereum declined below the $1,200 zone against the US Dollar. ETH is now at a risk of more losses if it fails to stay above the $1,150 support zone.

Ethereum started a fresh decline from the $1,250 and $1,280 levels. The price is now trading below $1,200 and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $1,200 on the hourly chart of ETH/USD (data feed via Kraken). The pair could decline sharply if there is a clear move below the $1,150 support zone. Ethereum Price Struggles

Ethereum failed to continue higher above the $1,250 and $1,280 resistance levels. ETH formed a high near $1,281 and started a fresh decline.

There was a clear move below the $1,220 and $1,200 support levels. Ether price declined below the 23.6% Fib retracement level of the upward move from the $1,043 swing low to $1,280 high. It is now trading below $1,200 and the 100 hourly simple moving average.

Ether is also consolidating near the 50% Fib retracement level of the upward move from the $1,043 swing low to $1,280 high. An immediate resistance on the upside is near the $1,200 level.

Besides, there is a major bearish trend line forming with resistance near $1,200 on the hourly chart of ETH/USD.  The next major resistance is near the $1,250 zone. A close above the $1,250 resistance zone could start a steady increase. In the stated case, the price could clear the $1,280 resistance.

מקור: ETHUSD אויף TradingView.com

דער ווייַטער הויפּט קעגנשטעל איז לעבן די $ 1,350 מדרגה, אויבן וואָס די פּרייַז קען אפילו העכערונג צו די $ 1,440 קעגנשטעל מדרגה אין דעם לעבן טערמין.

מער לאָססעס אין ETH?

אויב עטהערעום פיילז צו העכערונג העכער די $ 1,200 קעגנשטעל, עס קען פאָרזעצן צו מאַך אַראָפּ. אַן ערשט שטיצן אויף די דאַונסייד איז לעבן די $ 1,150 זאָנע.

The next major support is near the $1,120 zone. A close below the $1,120 level might put a lot of pressure on the bulls. In the stated case, ether price may perhaps decline towards the $1,050 level or even $1,000 in the coming sessions.

טעכניש ינדאַקייטערז

אַורלי MACD - די MACD פֿאַר ETH / USD איז איצט גיינינג מאָמענטום אין די בעריש זאָנע.

אַורלי RSI - די RSI פֿאַר ETH / USD איז איצט געזונט אונטער די 50 מדרגה.

הויפּט שטיצן לעוועל - $ 1,150

הויפּט קעגנשטעל לעוועל - 1,200 $

אָריגינעל מקור: נעווסבטק