Ethereum $1k Price Support Is Something Serious To Watch - Know Why?

2022-07-14 | Selina Mathew

Ethereum price rallied recently above the $1,100 and $1,200 levels against the US Dollar. The ETH/USD pair failed to gain momentum and started a fresh decline below $1,200. It is currently trading below $1,150 and 100 hourly SMA.

There are many bearish signs on the chart that suggest an extended fall before the bulls attempt to recover.

Ethereum started a decline below the $1,200 and $1,150 levels.

The price is now trading below $1,150 and it could trade as much as $1,100 in the near term. The 100 hourly simple moving average is above the 20-day EMA at $1,156.58 for ETH/USD and creates an uptrend line on charts that may act as resistance for bulls if they want to push up from here. There is also a key bearish trend line forming with resistance near $1,145 on the hourly chart of ETH/USD.

The price is now trading below $1,150 and the 100 hourly simple moving average.

The 50% Fibonacci retracement level was tested on March 18th at $1,146 (the 21st of February low), and this was followed by an almost identical bounce that took us all the way up to $1,167 on March 24th. This means that there are very strong signs that we could see another move higher soon.

If you look at the 61.8% Fibonacci retracement level from January 26th's low of $678 then it shows how far down we've come since then: down 19%. But if we look at what happened immediately after this point - a drop from $788 all the way down to where we're currently trading today - then I think any potential buyers out there will be able to see how much room there still is left for further gains before reaching our next target levels:

The ETH/USD pair is trading below its 1-hour chart's 20-day EMA and 100-hourly simple moving average.

ETH/USD 1 DAY PRICE CHART - COINMARKETCAP.COM

A break of support at $1,145 will trigger a push back towards the trend line and $1,275. A break above this level would open up upside targets of $1,450 or even higher in the short term. The pair could continue to decline if there is a close below the $1,085 level.

If the price continues to decline, it could fall below the 100 hourly simple moving average (SMA) at $1,085.00 and test support at $1,070.85.

A close below this level would also see a test of June's low at $936.16 as well as July lows of $816 and June highs of $1094. If you're looking for an entry point into this market then I would wait until after a close above these levels before buying back in with any size, but that doesn't mean there aren't opportunities to make money on this trade either!

If we do get a close above these levels then look for long positions in our Ethereum/Bitcoin ratio based on your risk appetite and time frame expectations

Ethereum price is setting up for more downsides below $1,100 unless it climbs above $1,145.

The bulls are unable to break through this resistance zone and will have no choice but to wait for a proper setup before they attempt another breakout attempt.

The ETH/USD pair could move higher towards $1.170 or lower towards $1120 if we see some strong buying pressure on it from buyers pushing prices higher during the next few hours or days until these levels are broken upon again by bears who come back into play after putting up a solid fight for several weeks now since their initial buy-in at around $500 per token back in August 2018!

Wrapping up

If it does not recover above $1,145 soon then we could see prices going down to $1,000 or even lower levels.

Your email address will not be published. Required fields are marked *