Ethereum ETH Will the Price of Cryptocurrency Continue to Decline

The exchange rate of Ethereum against the US dollar is currently below the support level of $1,150. ETH is gaining bearish momentum and may fall below the support area of $1,000. The bears have taken control. The bears are gaining momentum below the level of $1,150 and the 100-hour simple moving average. The asset traded at a monthly low of $1,078 and is currently consolidating losses. The immediate resistance level is around $1,100. On the hourly chart of ETH/USD, a key bearish trend line is forming, with resistance near $1,100. The trend line is close to the 23.6% Fib retracement level of the high of $1,232 to the low of $1,078. The next major resistance level is near $1,150 or the 100-hour simple moving average. The 1,078% Fib retracement level of the downward trend from the high of $1,232 to the low of $1,078 is also close to $1,155. The current major resistance level is near $1,200. A clear breakthrough of this level may lead the price to the resistance zone of $1,250. Any upward movement that breaks this level could open the door to test the resistance area of $1,300. Will ETH lose more? If Ethereum fails to break the resistance level of $1,155, it may continue to decline. The initial support level is around $1,080. The next major support level is near $1,000, and below that level, the Ethereum price may gain bearish momentum. In that case, the price may drop to the support area of $920 in the short term. The MACD on the hourly chart is currently gaining momentum in the bearish zone. The RSI is currently below the 50 level.