Ethereum Price Shows Early Signs Of New Fall, But This Support Matters

Ethereum failed to clear the $1,300 resistance zone against the US dollar. ETH risks further losses if it breaks below the $1,170 support zone.

• Ethereum is facing resistance near $1,250 and $1,280.
• The price is currently trading below $1,240 and the 100 hour simple moving average.
• The ETH/USD hourly chart (data feed via Kraken) has formed a major bearish trendline with resistance near $1,245.
• A clear move below $1,180 and $1,170 could put the pair down.

Ethereum Price Faces Hurdles

Ethereum has broken above the $1,300 resistance, as has Bitcoin at $17,000. ETH failed to pick up the pace for a clear move above the $1,300 resistance.

A new high was formed near $1,290 before the price started a new downtrend. It is clear that we have broken below the $1,260 and $1,250 levels. Ether price he even traded below $1,220 levels. The price is now consolidating losses with a low near $1,183.

The price is currently trading below $1,240 and the 100 hour simple moving average. It was just above the 23.6% Fib retracement level of the recent decline from the high of $1,290 to the low of $1,183.

The immediate resistance on the upside is near $1,240. A major bearish trend line has also formed on the ETH/USD hourly chart with resistance near $1,245. Near the retracement level.

Source: ETHUSD on TradingView.com

The next big resistance is near $1,265. A clear breakout of the $1,265 resistance could lead the price towards the $1,300 resistance zone, which needs to settle above his $1,300 level to initiate a steady uptrend. In the aforementioned case, the price could rise towards his $1,400 level.

Further loss of ETH?

If Ethereum fails to break out of the $1,245 resistance, it may continue to fall. The first support on the downside is near $1,185.

The next major support is near $1,170, below which perhaps the Ethereum price can start another significant decline. In the above scenario, the price could drop towards the $1,100 support zone in the near future.

technical indicators

Hourly MACD – The ETH/USD MACD is currently losing momentum in the bearish zone.

Hourly RSI – The ETH/USD RSI is currently below the 50 level.

Major Support Level – $1,170

Major Resistance Level – $1,265