Ethereum is currely hovering below $1,150, not far from the psychological support of $1,000, and there is a risk of a fall near $900.
According to BTC News, Ethereum has recely started a new downward moveme from the $1,250 level and has been losing its value in parallel with Bitcoin, albeit at a faster pace. Ethereum’s dowrend was accompanied by the breaking of the $1,200 support, the 100-hour simple moving average, and the $1,150 level. The bottom of the rece hours was $1,078, and it seems that the market is currely consolidating its rece losses.
If the market trend coinues to rise, the closest resistance in fro of the price will be the $1,100 level, which is almost in the same area with the downward trend line on the chart and the 23.6% Fibonacci retraceme level. In this analysis, Fibonacci levels are set based on the downward moveme of the price from $1,232 to the bottom of $1,078.
The next key resistance will be the $1,150 level or the 100 hourly simple moving average. It should be noted that the 50% Fibonacci retraceme level is also near the same range and at $1,155.
The level of $1,200 will coinue to act as another importa resistance for buyers, and crossing it could pave the way for the price to jump to $1,250. The coinuation of the upward trend will probably lead to an increase in the price of Ethereum to $1,300.
On the other hand, if Ethereum fails to break through $1,155, the dowrend will coinue. In this situation, the closest support in fro of the price is the level of $1,080, followed by the psychological support of $1,000.
Breaking this psychological support will most likely lead to the iensification of the downward momeum of the price, and in the initial stages it can drag Ethereum down to $920.
The MACD is accelerating in the bearish range and the Relative Strength Index (RSI) is below the middle axis at the 50 level.
As meioned, $1,000 is key support for Ethereum, and $1,155 serves as key resistance for the price.
