Ethereum Price Showing Early Signs of Fresh Drop, But This Support Is Key<\/title>\n<meta name=\"description\" content=\"Ethereum failed to clear the $1,300 resistance zone against the US Dollar. ETH remains at a risk of more losses if there is a break below the $1,170 support zone.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/uniquehot.com\/news\/ethereum-price-showing-early-signs-of-fresh-drop-but-this-support-is-key\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ethereum Price Showing Early Signs of Fresh Drop, But This Support Is Key\" \/>\n<meta property=\"og:description\" content=\"Ethereum failed to clear the $1,300 resistance zone against the US Dollar. 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His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape. In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions. Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. 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[vc_row][vc_column][vc_column_text]Ethereum failed to clear the $1,300 resistance zone against the US Dollar. ETH remains at a risk of more losses if there is a break below the $1,170 support zone.<\/em><\/p>\n

\n
Ethereum is facing resistance near the $1,250 and $1,280 levels.<\/li>\n
The price is now trading below $1,240 and the 100 hourly simple moving average.<\/li>\n
There is a major bearish trend line forming with resistance near $1,245 on the hourly chart of ETH\/USD (data feed via Kraken).<\/li>\n
The pair could accelerate lower if there is a clear move below $1,180 and $1,170.<\/li>\n<\/ul>\n
Ethereum Price Faces Hurdles<\/h2>\n
Ethereum attempted an upside break above the $1,300 resistance, similar to bitcoin<\/a> at $17,000. ETH failed to gain pace for a clear move above the $1,300 resistance.<\/p>\n
A high was formed near $1,290 before the price started a fresh decline. There was a clear move below the $1,260 and $1,250 levels. Ether price even traded below the $1,220 level. A low is formed near $1,183 and the price is now consolidating losses.<\/p>\n
The price is now trading below $1,240 and the 100 hourly simple moving average. There was a minor increase above the 23.6% Fib retracement level of the recent decline from the $1,290 swing high to $1,183 low.<\/p>\n
An immediate resistance on the upside is near the $1,240 level. There is also a major bearish trend line<\/a> forming with resistance near $1,245 on the hourly chart of ETH\/USD. The trend line is near the 50% Fib retracement level of the recent decline from the $1,290 swing high to $1,183 low.<\/p>\n
$\"Ethereum$ <\/a><\/p>\n
Source: ETHUSD on TradingView.com<\/a><\/p>\n
The next major resistance is near the $1,265 level. A clear break above the $1,265 resistance could send the price towards the $1,300 resistance zone. To start a steady increase, the price must settle above $1,300. In the stated case, the price could rise towards the $1,400 level.<\/p>\n
More Losses in ETH?<\/h2>\n
If ethereum fails to climb above the $1,245 resistance, it could continue to move down. An initial support on the downside is near the $1,185 level.<\/p>\n
The next major support is near the $1,170 level, below which ether price may perhaps start another major decline. In the stated scenario, the price could drop towards the $1,100 support zone in the near term.<\/p>\n
Technical Indicators<\/p>\n
Hourly MACD \u2013 <\/strong>The MACD for ETH\/USD is now losing momentum in the bearish zone.<\/p>\n
Hourly RSI – <\/strong>The RSI for ETH\/USD is now below the 50 level.<\/p>\n
Major Support Level \u2013 $1,170<\/p>\n
Major Resistance Level \u2013 $1,265[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n","protected":false},"excerpt":{"rendered":"
[vc_row][vc_column][vc_column_text]Ethereum failed to clear the $1,300 resistance zone against the US Dollar. ETH remains at a risk of more losses if there is a break below the $1,170 support zone. Ethereum is facing resistance near the $1,250 and $1,280 levels. The price is now trading below $1,240 and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $1,245 on the hourly chart of ETH\/USD (data feed via Kraken). The pair could accelerate lower if there is a clear move below $1,180 and $1,170. Ethereum Price Faces Hurdles Ethereum attempted an upside break above the $1,300 resistance, similar to bitcoin at $17,000. ETH failed to gain pace for a clear move above the $1,300 resistance. A high was formed near $1,290 before the price started a fresh decline. There was a clear move below the $1,260 and $1,250 levels. Ether price even traded below the $1,220 level. A low is formed near $1,183 and the price is now consolidating losses. The price is now trading below $1,240 and the 100 hourly simple moving average. There was a minor increase above the 23.6% Fib retracement level of the recent decline from the $1,290 swing high to $1,183 low. An immediate resistance on the upside is near the $1,240 level. There is also a major bearish trend line forming with resistance near $1,245 on the hourly chart of ETH\/USD. The trend line is near the 50% Fib retracement level of the recent decline from the $1,290 swing high to $1,183 low. Source: ETHUSD on TradingView.com The next major resistance is near the $1,265 level. A clear break above the $1,265 resistance could send the price towards the $1,300 resistance zone. To start a steady increase, the price must settle above $1,300. In the stated case, the price could rise towards the $1,400 level. More Losses in ETH? If ethereum fails to climb above the $1,245 resistance, it could continue to move down. An initial support on the downside is near the $1,185 level. The next major support is near the $1,170 level, below which ether price may perhaps start another major decline. In the stated scenario, the price could drop towards the $1,100 support zone in the near term. Technical Indicators Hourly MACD \u2013 The MACD for ETH\/USD is now losing momentum in the bearish zone. Hourly RSI – The RSI for ETH\/USD is now below the 50 level. Major Support Level \u2013 $1,170 Major Resistance Level \u2013 $1,265[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n","protected":false},"author":67,"featured_media":508928,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[],"class_list":["post-508927","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"acf":[],"yoast_head":"\nEthereum Price Showing Early Signs of Fresh Drop, But This Support Is Key<\/title>\n<meta name=\"description\" content=\"Ethereum failed to clear the $1,300 resistance zone against the US Dollar. 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