Ethereum dropped almost 30% and tested the $ 900 support zone against the US dollar. ETH price is currently bullish but is facing strong resistance around $ 1,130. Ethereum started a strong decline well above $ 1,200 and traded close to $ 900.
The price is recovering nicely from $ 912, but is facing hurdles near $ 1,130 and the 100 hourly simple moving average.
There is a major bearish trend line with resistance near $ 1,130 on the hourly chart of ETH / USD.
The pair must rise above $ 1,130 and the 100 hourly SMA to start a new rally.
Ethereum price saves losses
Yesterday, we saw a huge drop in Bitcoin, ethereum, ripple and other altcoins. ETH price dropped almost 30% and broke many important supports around $ 1,120 and $ 1,050.
There was also a break below the $ 1,000 support level and the price traded near the $ 900 level. A low was formed around $ 912 before the price started a new increase. It seems the bulls defended the last swing zone near the $ 900-$ 920 zone.
Ethereum price has risen over 10% and is trading above $ 1,000. There was a break above the 23.6% Fib retracement level of the downside retracement from the $ 1,352 high to the $ 912 low.
However, the price is facing hurdles near $ 1,130 and the 100 hourly simple moving average. There is a major bearish trend line showing resistance near $ 1,130 on the hourly chart of ETH / USD.
To start a new rally, Ethereum price must clear the trendline resistance, the $ 1,130 and the 100 hourly simple moving average. The next major resistance above $ 1,130 is near the $ 1,200 level.
Hourly MACD – The MACD for ETH / USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH / USD rose above the 50 level with a bullish angle.
Support Level – $ 1,000.
Major Resistance Level: $ 1,130.