Ethereum price lost the key $1,200 support level. In case of losing the $1,150, there could be a strong plunge to follow. Here is a summary of Ethereum price in the past 24 hours:
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- ETH failed to surpass $1,280 and subsequently lost the $1,200 level.
- Currently, the price is below $1,200 and the 1-hour candles are below the SMA100.
- On the 1-hour chart, we see a new downtrend forming with resistance at $1,180.
- In case ETH loses the $1,150, the downtrend will continue.
Ethereum Price Action Analysis
Ethereum made an attempt to surpass $1,280 but failed and had to back down. With that, it lost the $1,220 and $1,200 and dipped below the SMA100. Subsequently, ETH moved below the 50% Fibonacci retracement level from the latest rise from $1,076 to $1,276. Right now, the price is struggling to remain above the $1,150 support level.
For the moment, ETH is consolidating near the 61.8% Fibonacci retracement level. On the 1-hour chart, we have a new downtrend with resistance level at $1,180.
The first resistance level for Ethereum is at $1,175 followed closely by $1,800. Surpassing these levels would bring ETH closer to $1,220 and then the key resistance level at $1,280. In case of a breakthrough from $1,280, the buyers could take back some control and push the price up to $1,350.
On the other hand, if Ethereum price fails to surpass $1,180, the downtrend will continue. In which case, the first support level is at $1,123 followed by $1,080. Losing the $1,080 would push Ethereum all the way down to $1,020 and 1,000. Following that, the $950 will follow next.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD for Ethereum is on an upward movement.
RSI: the relative strength index is currently above 50.
Resistance levels: for the bullish run, the $1,150 is absolutely necessary to surpass.
Support levels: at this point, the $1,125 is the crucial support level for ETH.
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