Ethereum's Price Falls Below $1,300, Could Drop to $1,200
Ethereum's price fell below the $1,300 support level against the US Dollar. The crypto asset is showing signs of further bearishness, which could lead to additional losses towards $1,200 or even $1,150.
Ethereum has declined below the $1,300 support against the US Dollar, and is now showing bearish signs. There is a risk of further losses towards $1,200 or even $1,150 in the near future.
- Ethereum's price has been in decline over the past few days, falling below the $1,350 and $1,320 support levels. This downtrend could continue if the $1,300 support level is breached.
- The price of Bitcoin has dropped below $1,300, and is now trading below the 100 hourly simple moving average. This is a bearish development for the cryptocurrency, and could mean further downside in the days and weeks ahead.
- ETH/USD bears remain in control as the pair struggles to move higher. A key bearish trend line is forming with resistance near $1,285 on the hourly chart, which is likely to act as a tough barrier for the bulls.
- The pair could continue to move down if it stays below the $1,300 pivot level. However, if it breaks above this level, it could start to move up again.
Ethereum Price Dips Below Key Support
It seems that Ethereum is having a tough time recovering from its recent slump. ETH prices have fallen below the $1,300 support level and don't seem to be showing any signs of recovery. This is a disappointing development for those who had hoped that Ethereum would be able to stage a comeback.
The recent move below the $1,280 support level has Ether price trading below the 100 hourly simple moving average. The price traded as low as $1,270 and is currently consolidating losses. An immediate resistance is seen on the upside near the $1,280 level.
The market looks bearish in the short-term, with the first major resistance level near the $1,285 level. There is also a key bearish trend line forming with resistance near $1,285 on the hourly chart of ETH/USD. The trend line is near the 23.6% Fib retracement level of the recent decline from the $1,337 swing high to $1,276 low.
There is a possibility that ethereum price might rise towards the $1,300 resistance if there is an upside break above the trend line. The $1,300 resistance is near the 50% Fib retracement level of the recent decline from the $1,337 swing high to $1,276 low.
The ETHUSD chart on TradingView.com is a great resource for those looking to trade Ethereum against the US Dollar. The chart is highly accurate and provides up-to-date information on the prices of both currencies.
Gold prices are on the rise, and a clear break above $1,300 could send the price even higher. The next major resistance level could be near the $1,320 level, and if the price can break above that, it could potentially revisit the $1,350 level.
More Losses in ETH?
There is a possibility that ethereum might not be able to climb above the $1,300 resistance and might instead continue to move down. However, there is also an initial support on the downside near the $1,280 level.
The next major support level for ether is near the $1,255 level. A downside break below this level could increase selling pressure and send the price towards $1,200 or even $1,150.
Technical indicators are a useful tool for traders to help assess the current market conditions and make informed trading decisions.
The MACD for ETH/USD is now gaining momentum in the bearish zone, which could mean that the currency pair is headed for further losses in the near-term.
The ETH/USD hourly RSI is currently below the 50 level, indicating that the market may be about to turn bearish. However, with the current market conditions being so volatile, it is hard to say for certain.
Looking at the current price action in the market, it seems like the major support level for the price of gold is around $1,255.
The major resistance level for gold remains at $1,320 per ounce. This level has been tested numerous times over the past year, and each time it has held firm.
