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Ethereum Price Approaches $1,000, Why Upsides Could Be Limited

Started by Bitcoin, Nov 10, 2022, 05:55 am

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Ethereum Price Approaches $1,000, Why Upsides Could Be Limited

Ethereum extended losses below the $1,200 support against the US Dollar. ETH is consolidating and might even test the $1,000 support zone in the near term.



  • Ethereum started a major decline below the $1,320 and $1,250 levels.

  • The price is now trading below $1,250 and the 100 hourly simple moving average.

  • There is a major bearish trend line forming with resistance near $1,200 on the hourly chart of ETH/USD (data feed via Kraken).

  • The pair is recovering, but upsides might be limited above the $1,200 resistance zone.


Ethereum Price Dives Over 15%


Ethereum remained in a bearish zone after it settled below the $1,500 level. ETH broke many important support zones near $1,300 to move further into a negative zone.


The price gained pace below the $1,300 and $1,250 support levels. It even settled below the $1,200 level and the 100 hourly simple moving average. Ether price traded as low as $1,070 and recently started an upside correction, similar to bitcoin.


There was a minor increase above the $1,120 resistance level. The price is now trading above $1,150 and facing many hurdles. An immediate resistance on the upside is near the $1,190 level. There is also a major bearish trend line forming with resistance near $1,200 on the hourly chart of ETH/USD.


The trend line resistance is near the 23.6% Fib retracement level of the recent drop from the $1,580 swing high to $1,070 low. The next major resistance is near the $1,240 level. A clear break above the $1,240 resistance could set the pace for a decent increase.


Ethereum Price


Source: ETHUSD on TradingView.com


In the stated case, the price could rise to the $1,320 level. It is near the 50% Fib retracement level of the recent drop from the $1,580 swing high to $1,070 low. Any more gains might send the price toward the $1,400 resistance zone.


More Losses in ETH?


If ethereum fails to climb above the $1,240 resistance, it could continue to move down. An initial support on the downside is near the $1,120 level.


The next major support is near the $1,070 level, below which ether price may perhaps extend losses. In the stated scenario, the price could decline towards the $1,000 support zone in the near term.


Technical Indicators


Hourly MACD - The MACD for ETH/USD is now losing momentum in the bearish zone.


Hourly RSIThe RSI for ETH/USD is now below the 50 level.


Major Support Level - $1,120


Major Resistance Level - $1,240


Source: Ethereum Price Approaches $1,000, Why Upsides Could Be Limited