TA: Ethereum Price Nosedives, Why ETH Could Soon Test $1,200
Ethereum declined sharply from the $1,500 resistance zone against the US Dollar. ETH is down over 10% and there could be more losses towards the $1,200 support.
Ethereum started a fresh decline after it failed to clear the $1,500 resistance zone.
The price is now trading below $1,400 and the 100 hourly simple moving average.
There is a key bearish trend line forming with resistance near $1,360 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could accelerate further lower below the $1,300 support zone in the near term.
Ethereum Price Starts Fresh Drop
Ethereum failed to gain strength for a move above the $1,480 and $1,500 resistance levels. ETH formed a top near the $1,475 level and started a fresh decline.
There was a steady decline below the $1,400 level and the 100 hourly simple moving average. The price even traded below the $1,350 and $1,320 support levels. There was a drop over around 10% and the price traded as low as $1,288.
Ether price is now consolidating losses above the $1,280 level and below the 100 hourly simple moving average. On the upside, the price is facing resistance near the $1,335 level. It is near the 23.6% Fib retracement level of the recent decline from the $1,474 swing high to $1,288 low.
The next major resistance is near the $1,360 and $1,380 levels. There is also a key bearish trend line forming with resistance near $1,360 on the hourly chart of ETH/USD. It is near the 50% Fib retracement level of the recent decline from the $1,474 swing high to $1,288 low.