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Ethereum declined below the $1,150 zone against the US Dollar. ETH is now at a risk of more losses if it stays below the key $1,200 pivot zone.
Ethereum started a fresh decline below the $1,220 and $1,200 levels. The price is now trading below $1,200 and the 100 hourly simple moving average.
There is a connecting trend line in place with support at $1,130 on the hourly chart of ETH/USD (data feed via Kraken). The pair could decline further is a clear move below the $1,120 support zone.
Ethereum remained in a bearish zone below the $1,280 and $1,250 resistance levels. ETH started a fresh decline and traded below the key $1,200 support zone.
The decline gained pace below the $1,180 level and the 100 hourly simple moving average. As a result, the bears were able to push the price below the $1,150 support.
A low is formed near $1,132 and the price is now consolidating losses. Ether is now trading well below $1,200 and the 100 hourly simple moving average.
There is also a connecting trend line in place with support at $1,130 on the hourly chart of ETH/USD. An immediate resistance on the upside is near the $1,155 level.
It is near the 23.6% Fib retracement level of the recent decline from the $1,235 swing high to $1,132 low. The next major resistance is near the $1,175 zone.
The first major hurdle is near the $1,180 level and the 100 hourly simple moving average. The 50% Fib retracement level of the recent decline from the $1,235 swing high to $1,132 low is also near $1,180.
A close above the $1,180 resistance zone could start a steady increase. In the stated case, the price could clear the $1,200 resistance.
The next major resistance is near the $1,235 level, above which the price could even rise towards the $1,280 resistance level in the near term.
If ethereum fails to rise above the $1,180 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 $1,080 zone. A close below the $1,080 level might spark a sharp decline. In the stated case, ether price may perhaps decline towards the $1,000 level.
