Ethereum price analysis: the risk of the market falling to close to $900
Ethereum is currently hovering below $1,150, a short distance from the psychological support of $1,000, and there is a risk that the price will fall closer to $900.
To Report News BTC, Ethereum has recently started a fresh downward movement from the $1,250 level and has been losing value in parallel with Bitcoin, albeit at a faster pace. Ethereum’s downtrend 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 recent hours was $1,078, and it seems that the market is currently consolidating its recent losses.
If the market trend continues to rise, the closest resistance in front 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 retracement level. In this analysis, Fibonacci levels are set based on the downward movement 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 retracement level is also near the same range and at $1,155.
The level of $1,200 will continue to act as another important resistance for buyers, and crossing it could pave the way for the price to jump to $1,250. The continuation 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 downward movement will continue. In this situation, the closest support in front 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 intensification of the downward momentum 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 mentioned, $1,000 is key support for Ethereum, and $1,155 serves as key resistance for the price.