ETHEREUM ANALYSIS-$1,180: Bears are eyeing on bearish flag breakout

This drop resulted in a major collapse from two key supports,

the rising trendline and the $1220 horizontal support.

Due to the effect of this bearish pattern and the current sell-off in the crypto market, the ETH price has seen considerable outflow. Furthermore, the coin price is presently trading at $1180, representing a 10.40% decline over the last six days.

Ethereum Price began a new drop against the US dollar from the $1,320 barrier level. ETH is struggling and remains risky to a drop below $1,150. The price of Ethereum failed to hold above the $1,300 support level. ETH, like bitcoin, responded to the downside and traded below the $1,250 support zone, entering into a bearish zone.

The drop continued below $1,200 and the 100 hourly simple moving average. The price of ether has dropped to as low as $1,155 and is currently consolidating losses. The price rose slightly over the $1,180 barrier level, but the bears remained aggressive.

Ether is presently trading below $1,200 and below the 100 hourly simple moving average. It is also trading below the Fib retracement level of the slide from the swing high of $1,353 to the low of $1,155, which is at 23.6%.

On the upside, an immediate barrier is at the $1,2000 level. On the hourly chart of ETH/USD, a key contracting triangle is forming with resistance at $1,200. The first significant barrier is at $1,220 and the 100 hourly simple moving average. A close above the $1,220 barrier level might start a strong uptrend. The next major resistance level might be $1,260, or the 50% Fib retracement of the decline from the $1,353 swing high to the $1,155 low, above which either could rally above $1,300. Any further gains might push the price up to the $1,350 barrier level.

If ethereum fails to break over the $1,200 barrier, it may continue to fall. On the downside, an initial support level is at $1,170. The next key support is at the $1,150 level, below which the price may revert to the $1,100 level. Any more losses might push the price down to the $1,050 support level.

The market cap of ETH is expected to be $144,218,326,156, according to Price Analysis. The 24-hour trading volume of the coin is approximately $3,962,044,220. Ethereum's market capitalization has dropped by 0.51%. During intraday trading, however, transaction volume decreased by 2.74%.

KEY LEVELS :

RESISTANCE LEVEL : $1,200-$1,240

SUPPORT LEVEL : $1,150-$1,100

The Ethereum price is poised for a big drop after losing two critical supports, the rising trendline and $1220. Though the present local support of $1160 has halted further losses, a little pullback to the $1220 flipped barrier might fuel the selling trend. So, how far would the expected decline affect the ETH price? Please provide suggestions.