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Ethereum failed to clear the $1,300 resistance zone against the US Dollar. ETH remains at risk for further losses if there is a break below the $1,170 support zone.

  • Ethereum is facing resistance near the $1,250 and $1,280 levels.
  • The price is now trading below $1,240 and the 100 hourly simple moving average.
  • A major bearish trend line is forming with resistance near $1,245 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could accelerate lower if there is a clear move below $1180 and $1170.

Ethereum Price Faces Hurdles

Ethereum attempted an upside break above the $1,300 resistance, similar to bitcoins at $17,000. ETH failed to gain ground for a clear move above the $1,300 resistance.

A high was formed near $1,290 before the price started a further decline. There was a clear move below the $1,260 and $1,250 levels. Ether price even traded below the $1,220 level. A bottom forms near $1,183 and the price is now consolidating losses.

The price is now trading below $1,240 and the 100 hourly simple moving average. There was a slight increase above the 23.6% Fib retracement level of the recent decline from the $1,290 high to $1,183 low.

An immediate upside resistance is near the $1,240 level. There is also major downtrend line forming with resistance near $1,245 on the hourly chart of ETH/USD. The trendline is near the 50% Fib retracement level of the recent decline from the $1,290 high to $1,183 low.

Ethereum Price

Source: ETHUSD on TradingView.com

The next major resistance is near the $1,265 level. A clear break above the $1,265 resistance could send the price towards the $1,300 resistance zone. To start a steady rise, the price must settle above $1,300. In the indicated case, the price could rise towards the $1,400 level.

More losses in ETH?

If Ethereum fails to break above the $1,245 resistance, it could continue to decline. An initial support on the downside is near the $1,185 level.

The next major support is near the $1,170 level, below which Ether price could possibly start another major decline. In the given scenario, the price might drop towards the $1,100 support zone in the near term.

Technical indicators

Hourly MACDThe MACD for ETH/USD is now losing momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now below the 50 level.

Major Support Level – $1,170

Major resistance level – $1,265



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