Ethereum tumbled below the $1,200 support against the US Dollar. ETH must stay above $1,000 to start a recovery wave in the near term.<\/em><\/p>\n Ethereum remained in a bearish zone<\/a> below the $1,500 support zone. The bears were able to push the price below the $1,320 support level.<\/p>\n There was also a close below the $1,200 level and the 100 hourly simple moving average<\/a>. Ether price spiked below the $1,100 level and traded to a new multi-month low at $1,073. It is now consolidating losses above the $1,100 level.<\/p>\n On the upside, an initial resistance is near the $1,185 level. It is near the 23.6% Fib retracement level of the recent decline from the $1,545 swing high to $1,073 low.<\/p>\n The first major resistance is near the $1,280 and $1,300 levels. There is also a major bearish trend line forming with resistance near $1,285 on the hourly chart of ETH\/USD. The trend line is near the 50% Fib retracement level of the recent decline from the $1,545 swing high to $1,073 low.<\/p>\n A clear move above the trend line resistance could start a recovery wave above $1,250. The next major resistance is near the $1,440 level and the 100 hourly simple moving average. Any more gains could start a move towards the $1,500 resistance.<\/p>\n If ethereum fails to rise above the $1,300 resistance, it could continue to move down. An initial support on the downside is near the $1,120 zone.<\/p>\n The next major support is near the $1,075 level. A clear move and break below the $1,075 support could start another decline. In the stated case, the price could slide towards the $1,000 support zone in the near term or even $950.<\/p>\n Technical Indicators<\/p>\n\n
Ethereum Price Dives 20%<\/h2>\n
![\"Ethereum](\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2022\/06\/Ethereum-10.png\")
<\/a><\/p>\nSource: ETHUSD on TradingView.com<\/a><\/pre>\n
More Losses in ETH?<\/h2>\n