Ethereum Price Plunge To $1,150 On The Horizon As Bulls Show Weak Hands

Ethereum declined below the $1,300 support against the US Dollar. ETH is showing bearish signs and there is a risk of a more losses towards $1,200 or even $1,150. Ethereum started a fresh decline below the $1,350 and $1,320 support levels. The price is now trading below $1,300 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $1,285 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to move down if it stays below the $1,300 pivot level. Ethereum Price Dips Below Key Support Ethereum struggled to recover above the $1,340 and $1,350 resistance levels. ETH started a fresh decline and traded below the $1,300 support zone. There was a move below the $1,280 support level and the price settled below the 100 hourly simple moving average. Ether price traded as low as $1,270 and is currently consolidating losses. An immediate resistance on the upside is near the $1,280 level. The first major resistance is near the $1,285 level. There is also a key bearish trend line forming with resistance near $1,285 on the hourly chart of ETH/USD. The trend line is near the 23.6% Fib retracement level of the recent decline from the $1,337 swing high to $1,276 low. If there is an upside break above the trend line, ethereum price might rise towards the $1,300 resistance. It is near the 50% Fib retracement level of the recent decline from the $1,337 swing high to $1,276 lo...