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.<\/p>\n
Ethereum declined over 20% and traded below the $1,200 support.
\nThe price is now trading below $1,300 and the 100 hourly simple moving average.
\nThere is a major bearish trend line forming with resistance near $1,285 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair might start a recovery wave if it clears the $1,200 resistance zone in the near term.<\/p>\n
Ethereum Price Dives 20%<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n\n
Source: ETHUSD on TradingView.com<\/p>\n
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.<\/p>\n
More Losses in ETH?<\/p>\n
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.<\/p>\n
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.<\/p>\n
Technical Indicators<\/p>\n
Hourly MACD \u2013 The MACD for ETH\/USD is now losing momentum in the bearish zone.<\/p>\n
Hourly RSI \u2013 The RSI for ETH\/USD is now just near the 35 level.<\/p>\n
Major Support Level \u2013 $1,100<\/p>\n
Major Resistance Level \u2013 $1,300<\/p>","protected":false},"excerpt":{"rendered":"
<\/p>\n
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.<\/p>\n
Ethereum declined over 20% and traded below the $1,200 support.
\nThe price is now trading below $1,300 and the 100 hourly simple moving average.
\nThere is a major bearish trend line forming with resistance near $1,285 on the hourly chart of ETH\/USD (data feed via Kraken).
\nThe pair might start a recovery wave if it clears the $1,200 resistance zone in the near term.<\/p>\n
Ethereum Price Dives 20%<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
Source: ETHUSD on TradingView.com<\/p>\n
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.<\/p>\n
More Losses in ETH?<\/p>\n
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.<\/p>\n
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.<\/p>\n
Technical Indicators<\/p>\n
Hourly MACD \u2013 The MACD for ETH\/USD is now losing momentum in the bearish zone.<\/p>\n
Hourly RSI \u2013 The RSI for ETH\/USD is now just near the 35 level.<\/p>\n
Major Support Level \u2013 $1,100<\/p>\n
Major Resistance Level \u2013 $1,300<\/p>\n
<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-1137","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/1137","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=1137"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/1137\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=1137"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=1137"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=1137"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}