TA: Ethereum Bears Chase $1K, Why Recovery Could Be Limited

News BTC

Ethereum tumbled below the $1,200 support against the US Dollar. ETH must stay above $1,000 to start a recovery wave in the near term.

  • Ethereum declined over 20% and traded below the $1,200 support.
  • The price is now trading below $1,300 and the 100 hourly simple moving average.
  • There is a major bearish trend line forming with resistance near $1,285 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair might start a recovery wave if it clears the $1,200 resistance zone in the near term.

Ethereum Price Dives 20%

Ethereum remained in a bearish zone below the $1,500 support zone. The bears were able to push the price below the $1,320 support level.

How To Get Free Crypto  

There was also a close below the $1,200 level and the 100 hourly simple moving average. Ether price spiked below the $1,100 level and traded to a new multi-month low at $1,073. It is now consolidating losses above the $1,100 level.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

On the upside, an initial resistance is near the $1,185 level. It is near the 23.6% Fib retracement level of the recent decline from the $1,545 swing high to $1,073 low.

The first major resistance is near the $1,280 and $1,300 levels. There is also a major bearish trend line forming with resistance near $1,285 on the hourly chart of ETH/USD. The trend line is near the 50% Fib retracement level of the recent decline from the $1,545 swing high to $1,073 low.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

Get 110 USDT Futures Bonus for FREE!
Source: ETHUSD on TradingView.com

A clear move above the trend line resistance could start a recovery wave above $1,250. The next major resistance is near the $1,440 level and the 100 hourly simple moving average. Any more gains could start a move towards the $1,500 resistance.

Coinbase Banner  

More Losses in ETH?

If ethereum fails to rise above the $1,300 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 $1,075 level. A clear move and break below the $1,075 support could start another decline. In the stated case, the price could slide towards the $1,000 support zone in the near term or even $950.

Technical Indicators

Hourly MACD The MACD for ETH/USD is now losing momentum in the bearish zone.

Hourly RSI The RSI for ETH/USD is now just near the 35 level.

Major Support Level – $1,100

Major Resistance Level – $1,300

Go to Source
Author: Aayush Jindal


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.