Ethereum started a sharp downside correction below $ 1,200 against the US Dollar. ETH price dropped 20% but is approaching a crucial support at $ 1000 and the 100 hourly simple moving average.

 

 

Ethereum failed to stay above the $ 1,200 support and fell substantially below $ 1,150.

The price dropped 20% and is approaching the $ 1,000 support and the 100 hourly simple moving average.

There was a break below a major rising channel with support near $ 1,250 on the hourly chart of ETH / USD.

The pair is likely to find strong support near the $ 1,000 zone and the 100 hourly SMA.

 

Ethereum price is correcting sharply

In the last two sessions, there has been a strong downside correction below $ 38,000 and $ 1,100 in Bitcoin and Ethereum. ETH price failed to stay above the $ 1,200 support and fell substantially below $ 1,150.

There was a strong bearish wave after closing below the $ 1,200 level. More importantly, there was a break below a major rising channel with support near $ 1,250 on the hourly chart of the ETH / USD pair.

Ethereum price dropped 20% and is approaching the $ 1,000 support and the 100 hourly simple moving average.

The 100 hourly simple moving average is also close to the $ 1,000 zone to act as a strong support in the near term.

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If the Ethereum price does not stay above the $ 1000 support and the 100 hourly simple moving average, there is a risk that the price will drop to the $ 900 support level in the coming sessions.

 

Is there a new increase in ETH?

If Ethereum stays above the $ 1000 support and the 100 hourly simple moving average, it could initiate a new surge. An initial resistance on the upside is near the $ 1,180 level.

The first key resistance is near the $ 1,200 level. A close above the $ 1,200 level could push the Ethereum price back into a positive zone. In the stated situation, ETH could revisit the $ 1,300 level.

 

Technical indicators

Hourly MACD – The MACD for ETH / USD is gaining momentum in the bearish zone.

Hourly RSI – The RSI for ETH / USD is currently below the 50 level with a bearish angle.

Support Level – $ 1,000.

Resistance Level – $ 1,200.

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