Ethereum price continued downwards and dipped below $1,100. In case Ethereum closes below $1,000, the downtrend will gain strong momentum. Here is a summary of Ethereum price in the past 24 hours:
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- Ethereum lost the $1,120 and $1,100 levels and went on a bearish phase.
- Currently, the price is below $1,100 and the 1-hour candles are below the SMA100.
- On the 1-hour chart, we see a new downtrend forming with resistance at $1,115.
- In case ETH closes below $1,000, the downtrend will continue.
Ethereum Price Action Analysis
Ethereum remained below $1,150 and lost the $1,120 and $1,100. With that, the price fell as low as $1,080. At this point, ETH is trading below $1,100 and the 1-hour candles are below the SMA100. The lowest recorded price for ETH has been $1,033 and the price is currently trying to recover.
The first resistance level for the price is at $1,060 followed closely by $1,090. The 23.6% Fibonacci retracement level from the latest fall from $1,275 to $1,033 is also near this level at $1,090. Furthermore, we have a new trendline with resistance level at $1,115.
This trendline is also near the SMA100. The next barrier for the price is at $1,150 near the 50% Fibonacci retracement level. Breaking through this level would jump start an uptrend. In which case, it would be likely for ETH to move towards $1,200.
On the other hand, if Ethereum price fails to surpass $1,090, the downtrend will continue.
For this scenario, the $1,000 is the next key support level for the price. Losing this level would increase the selling pressure and bring it down to $965. Further decline can bring the price down to $880.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD for Ethereum is on a downward movement.
RSI: the relative strength index is currently below 40.
Resistance levels: for the bullish run, the $1,090 is absolutely necessary to surpass.
Support levels: at this point, the $1,000 is the crucial support level for ETH.
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