Ethereum traded below the $1,150 support against the US Dollar. ETH is gaining bearish momentum and might dive below the $1,000 support zone.
- Ethereum remained in a bearish zone below the $1,150 and $1,120 support levels.
- The price is now trading below $1,150 and the 100 hourly simple moving average.
- There is a key bearish trend line forming with resistance near $1,100 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair remains at a risk of more losses below $1,050 and $1,000 in the near term.
Ethereum Price Turns Red
Ethereum price started another decline from the $1,250 resistance, similar to bitcoin. ETH followed a bearish path and settled below the $1,200 pivot level.
The bears gained pace for a move below the $1,150 level and the 100 hourly simple moving average. It traded to a new monthly low at $1,078 and is currently consolidating losses. Ether is now trading below $1,150 and the 100 hourly simple moving average.
More Losses in ETH?
If ethereum fails to climb above the $1,155 resistance, it could continue to move down. An initial support on the downside is near the $1,080 level.Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $1,080 Major Resistance Level – $1,155