TA: Ethereum Key Indicators Suggest A Sharp Drop Below $1K

Jun 30, 2022 06:00 am Cryptocurrency 121

Ethereum declined below the $1,120 support against the US Dollar. ETH is now at a risk of more losses if it stays below the key $1,150 resistance.

Ethereum remained in a bearish zone below $1,200 and $1,150 levels.

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

There is a key bearish trend line forming with resistance near $1,100 on the hourly chart of ETH/USD (data feed via Kraken).

The pair could decline further if there is a clear move below the $1,050 support zone.

Ethereum Price Turns Red

Ethereum remained in a bearish zone and extended losses below the $1,150 support zone. ETH failed to stay above the $1,120 support zone and moved further into a bearish zone.

The price even settled below the $1,000 support zone and tested the $1,075 zone. A low is formed near $1,076 and the price is now consolidating losses. It is trading well below $1,150 and the 100 hourly simple moving average.

An immediate resistance on the upside is near the $1,100 level. ..

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