New Delhi(CoinChapter.com): Ethereum’s ETH is signaling a downside break below $1,200. The price might gain bearish momentum if it breaks the $1,185 support zone.
This past week, ethereum and bitcoin saw a minor increase against the US Dollar. The ETH/USD pair climbed above the $1,200 level and the 50 simple moving average (4-hours, blue).
However, the price struggled to clear the $1,235 and $1,240 resistance levels. The bulls made a few attempts to push ether price above the $1,240 level, but they failed. A swing high was formed near $1,240 and the price started a fresh decline.
Etheruem price 4-hours price chart | Source: ETH/USD on TradingView.com
The price declined below the $1,220 and $1,210 support levels. Besides, it traded below a key bullish trend line at $1,205 on the 4-hours chart.
There was a spike below the 50% Fib retracement level of the upward wave from the $1,151 swing low to $1,240 high. Ethereum price is now trading well below the $1,220 level and the 50 simple moving average (4-hours, blue).
An immediate support on the downside sits near the $1,185 level. It is near the 61.8% Fib retracement level of the upward wave from the $1,151 swing low to $1,240 high. The next major support is near the $1,172 level. The main support sits near the $1,150 level.
A close below the $1,172 and $1,150 support levels could spark a sharp move towards the $1,080 support. Any more losses below $1,080 could send the price towards the $1,000 zone.
If not, the bulls might defend the $1,185 support zone. An immediate resistance is near the $1,210 level and the 50 simple moving average (4-hours, blue). A clear move above the $1,210 resistance level might send the price towards the $1,232 resistance.
The next major resistance is near the $1,240 level. Any more gains might open the doors for a move towards the $1,300 resistance or even $1,350.
Overall, ether price is slowly moving lower below the $1,200 level. If ETH declines below the $1,185 and $1,172 support levels, there might be a major downside break. Conversely, the price might start another increase and attempt an upside break above the $1,240 resistance.
The recent Federal Open Market Committee (FOMC) decision, along with some technical cues, could be…
Grand Cayman, Cayman Islands, May 3rd, 2024, ChainwireProtocol launches, growth trajectory, and industry-leading technology point…
EYWA, a consensus bridge that secures transactions across multiple protocols, has raised a total of…
StakingFarm is proud to announce the launch of its groundbreaking Bitcoin liquid staking product, a pioneering…
Rahaman Kargar, founder of Blockchain Asset Management, proudly announces the launch of its blockchain fund tailored…
Trace Labs, the core developers of OriginTrail, has joined the European Union's initiative to foster a…