Ethereum (ETH) Signals Bearishness; $1.1K Test Seems Likely

  • ETH attempts minor upticks towards the barrier of $1.2K.
  • The price wavers under $1.2K and the 1hr 100-Simple Moving Average.
  • Kraken data shows a break above a crucial bearish line with $1,195 resistance on the 1hr chart.
  • ETH/USD remains susceptible to massive dips to $1.1K or even $1K.

Ethereum continues its bearish narratives under the $1.2K mark. The dominant altcoin might suffer extended dips toward the footing at $1,180. Moreover, the dominant broad market bearishness may welcome further dips.

ETH Price Struggles

Ethereum has its price somewhat steady, near $1,180. The alt printed a base before launching a minor surge from $1,180. Meanwhile, that came as Bitcoin showcased similar actions. Nonetheless, Ether’s price cleared $1,185 and the $1,190 mark.

That welcomed a break beyond a bearish line with the $1,195 resistance on ETH/USD’s hourly chart. Also, ETH surged beyond the 23.6% Fibonacci retracement zone of the dip to $1,180 from $1,232. Nevertheless, bears flexed their strength beneath $1,229. While writing these lines, Ether has its price movements beneath $1.2K and the 1hr 100-Simple Moving Average.

An immediate obstacle is around $1,205 and the 1hr 100-Simple Moving Average. The resistance stands near the fall’s 50% Fibonacci retracement zone to $1,180 from $1,232. An upside past this level would see the pair heading toward $1,212. The initial massive hurdle awaits at $1,230.

A closing beyond the $1,230 resistance might launch a stable increase. That might push Ethereum toward the resistance barrier of $1,250, clearing the gates to the obstacle of $1,265. Climbing past this area might catalyze a steady upward to the resistance of $1.3K.

New Ethereum Dips?

Ethereum fans can expect new declines if the alt fails to conquer the resistance of $1,220. That would trigger downside actions, targeting the first support zone at $1,188. Another footing stands at $1,180. Breaking this zone might send the alt to the support near $1,120. Bulls should prevent more drops to avoid dips toward the $1.1K level.

Moreover, ETH fans should evaluate the overall crypto market for moneymaking decisions. Bears remain active as they control BTC below $17K. Bitcoin traded near $16.5K during this writing, exhibiting downside cues. Such developments will likely support ETH’s declines.

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