TA: Ethereum Reverses Losses: Why ETH Could Face Resistance Near $1,130

TA: Ethereum Reverses Losses: Why ETH Could Face Resistance Near $1,130


Ethereum declined almost 30% and tested the $900 support zone against the US Dollar. ETH price is currently rising, but it is facing a strong resistance near $1,130.

Ethereum started a strong decline from well above $1,200 and traded close to $900. The price is recovering nicely from $912, but it facing hurdles near $1,130 and the 100 hourly simple moving average. There is a major bearish trend line in place with resistance near $1,130 on the hourly chart of ETH/USD (data feed via Kraken). The pair must settle above $1,130 and the 100 hourly SMA to start a fresh rally. Ethereum Price Recovers Losses

Yesterday, we saw a massive decline in bitcoin, ethereum, ripple and other altcoins. ETH price declined almost 30% and it broke many important supports near $1,120 and $1,050.

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There was also a break below the $1,000 support level and the price traded close to the $900 level. A swing low was formed

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