Ethereum Price Plunges, Why ETH Could Soon Dive Below $1,000

1 week ago 11

Ethereum traded beneath the $1,150 enactment against the US Dollar. ETH is gaining bearish momentum and mightiness dive beneath the $1,000 enactment zone.

  • Ethereum remained successful a bearish portion beneath the $1,150 and $1,120 enactment levels.
  • The terms is present trading beneath $1,150 and the 100 hourly elemental moving average.
  • There is simply a cardinal bearish inclination enactment forming with absorption adjacent $1,100 connected the hourly illustration of ETH/USD (data provender via Kraken).
  • The brace remains astatine a hazard of much losses beneath $1,050 and $1,000 successful the adjacent term.

Ethereum Price Turns Red

Ethereum terms started different diminution from the $1,250 resistance, akin to bitcoin. ETH followed a bearish way and settled beneath the $1,200 pivot level.

The bears gained gait for a determination beneath the $1,150 level and the 100 hourly elemental moving average. It traded to a caller monthly debased astatine $1,078 and is presently consolidating losses. Ether is present trading beneath $1,150 and the 100 hourly elemental moving average.

An contiguous absorption connected the upside is adjacent the $1,100 level. There is besides a cardinal bearish inclination enactment forming with absorption adjacent $1,100 connected the hourly illustration of ETH/USD. The inclination enactment is adjacent to the 23.6% Fib retracement level of the downward determination from the $1,232 plaything precocious to $1,078 low.

The adjacent large absorption is adjacent the $1,150 level oregon the 100 hourly elemental moving average. The 50% Fib retracement level of the downward determination from the $1,232 plaything precocious to $1,078 debased is besides adjacent $1,155.

Ethereum Price

Source: ETHUSD connected TradingView.com

The main absorption is present adjacent $1,200. A wide interruption supra the $1,200 absorption could nonstop the terms towards the $1,250 absorption zone. Any much gains mightiness unfastened the doors for a trial of the $1,300 absorption zone.

More Losses successful ETH?

If ethereum fails to ascent supra the $1,155 resistance, it could proceed to determination down. An archetypal enactment connected the downside is adjacent the $1,080 level.

The adjacent large enactment is adjacent the $1,000 level, beneath which ether terms whitethorn possibly summation bearish momentum. In the stated scenario, the terms could diminution towards the $920 enactment portion successful the adjacent term.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is present gaining momentum successful the bearish zone.

Hourly RSIThe RSI for ETH/USD is present beneath the 50 level.

Major Support Level – $1,080

Major Resistance Level – $1,155

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