Ethereum is struggling below $1,080 against the US Dollar. ETH could decline heavily if there is a close below the $1,000 support zone.
Ethereum remained in a bearish zone and retested the $1,000 support zone. ETH formed a base near $1,000 and recently corrected higher.
There was a minor recovery wave above the $1,030 and $1,050 level. Ether price climbed above 23.6% Fib retracement level of the key decline from the $1,236 swing high to $997 low. It even attempted an upside break above the $1,100 level but failed.
It is now trading below $1,100 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $1,050 on the hourly chart of ETH/USD.
An immediate resistance on the upside is near the $1,060 level. The next major resistance is near the $1,080 zone. The first major hurdle is near the $1,100 zone or the 50% Fib retracement level of the key decline from the $1,236 swing high to $997 low. A close above the $1,120 resistance zone could start a decent increase.
In the stated case, the price could rise towards the $1,180 resistance. Any more gains might send the price towards the $1,236 high.
If ethereum fails to rise above the $1,080 resistance, it could continue to move down. An initial support on the downside is near the $1,050 zone or the trend line.
The next major support is near the $1,000 zone. A close below the $1,000 level might spark a sharp decline. In the stated scenario, ether price may perhaps slide towards the $925 level. Any more losses could send the price towards the $880 support zone.
Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $1,000
Major Resistance Level – $1,080