Ethereum Price Prediction: ETH bears eye $1,200 as price remains below key resistance

  • Ethereum continues to push lower on the last day of the week.
  • $1,200 could be seen as the next target on the downside ahead of $1,100.
  • Bears are likely to continue to dominate ETH unless it manages to reclaim $1,500.

Ethereum traded in a relatively tight range on Saturday and closed the day in the positive territory but came in under strong selling pressure on Sunday. As of writing, ETH was trading at $1,356, losing 7% and 28% on a daily and weekly basis, respectively.

Near-term bearish outlook remains intact

On the daily chart, the Relative Strength Index (RSI) indicator still floats above 30, suggesting that there is more room on the downside before Ethereum becomes technically oversold. Additionally, ETH closed the third straight day below the 50-day SMA on Saturday.

The next target on the downside is located at $1,200 (Fibonacci 61.8% retracement of Jan.2 - Feb. 20 uptrend). Below that level, $1,100 (100-day SMA) and $1,000 (psychological level) align as next key support levels. On the other hand, unless ETH manages to make a daily close above $1,500 (Fibonacci 38.2% retracement, 50-day SMA), bears are likely to remain in control of the price. Beyond that hurdle, $1,680 (Fibonacci 23.6% retracement) aligns as the next resistance.

ETH/USD one-day chart

IntoTheBlock's In/Out of the Money Around Price (IOMAP) model reaffirms the significance of $1,500 as a key resistance with investors having bought more than 8 million ETH around that price. On the flip side, several medium-strength supports could be seen ahead of $1,200.

Ethereum IOMAP chart

Ethereum continues to trade below the key $1,500 area and the near-term technical outlook alongside the on-chain metrics suggests that the selling pressure is likely to remain intact. $1,200 could be seen as the next target on the downside ahead of $1,1100.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Shiba Inu price looks south towards $0.0000060 as technicals favor SHIB bears

Amidst an underlying downbeat mood across the crypto market, Shiba Inu extends the bearish momentum into the third straight day on Sunday. The tide is seen turning in favor of SHIB bears once again, as well depicted by Shiba Inu’s daily technical graph, with the market licking its wounds from the China-led blow. Upside remains elusive with 61.8% Fib offering strong resistance.

More Shiba Inu news

Cardano price eyes a drop towards $1.85

Cardano price is once again on the slippery slope this Sunday, kicking off a new week on the wrong footing, as ADA bulls lack follow-through recovery momentum. ADA sellers target 100-DMA at $1.85 on a firm break below $2.

More Cardano News

Ethereum bears contemplate a drop to $2450

ETH price is building up downside pressure while clinging to the 200-SMA support. RSI remains flat below the midline, keeping the sellers cheerful. A drop towards $2450 remains in the offing if the 200-SMA caves in.

More Ethereum News

Polkadot price at make-or-break point as DOT awaits a range breakout

Polkadot price spots a potential symmetric triangle pattern on the 1D chart. RSI stands neutral at 50.00, suggesting a lack of clear directional bias. 21-DMA offers immediate resistance, 50-DMA guards the downside.

More Polkadot News


Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast