Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Ethereum is struggling below the $1,350 zone against the US Dollar. ETH could start a major increase if it clears the $1,350 and $1,400 resistance levels.
- Ethereum is stable above the $1,260 and $1,250 support levels.
- The price is now trading below $1,350 and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance near $1,350 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a steady increase if it clears the key $1,400 resistance zone.
Ethereum Price Faces Hurdles
Ethereum dropped from the $1,350 resistance zone. However, ETH remained stable above the $1,250 support zone. The price traded as low as $1,269 and is currently consolidating losses.
Ether is slowly moving higher above the $1,300 level. It is testing the 50% Fib retracement level of the recent decline from the $1,348 swing high to $1,269 low. The price is now trading below $1,350 and the 100 hourly simple moving average.
On the upside, the price is facing resistance near the $1,320 level and the 100 hourly simple moving average. It is near the 61.8% Fib retracement level of the recent decline from the $1,348 swing high to $1,269 low.
The next major resistance is near $1,350 level. There is also a major bearish trend line forming with resistance near $1,350 on the hourly chart of ETH/USD. A clear break above $1,350 might start a decent increase towards the $1,400 level.
Source: ETHUSD on TradingView.com
The 1.236 Fib extension level of the recent decline from the $1,348 swing high to $1,269 low. Any more gains may perhaps open the doors for a move towards the $1,500 resistance.
Fresh Decline in ETH?
If ethereum fails to recover above the $1,350 resistance, it could start a fresh decline. An initial support on the downside is near the $1,288.
The next major support is near the $1,270 level. A downside break below the $1,270 level might send the price towards the $1,220 support in the near term. Any more losses could increase selling and the price might drop to $1,150.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now just below the 50 level.
Major Support Level – $1,270
Major Resistance Level – $1,350
