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Ethereum Price

Ethereum Price Resilience Gives us Pause, but Not out of Woods Yet

Aayush Jindal by Aayush Jindal
6 months ago
in ETH
Reading Time: 2 mins read

Ethereum jumped and tested the $1,350 resistance against the US Dollar. ETH corrected lower, but the bulls are active near the $1,280 support.

  • Ethereum was able to clear the $1,300 and $1,320 resistance levels.
  • The price is now trading near $1,290 and the 100 hourly simple moving average.
  • There is a key bullish trend line forming with support near $1,285 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a fresh increase unless there is a clear move below the $1,280 support.

Ethereum Price Tops Near $1,350

Ethereum price gained pace for a steady move above the $1,300 resistance zone. ETH even surpassed the $1,320 level and settled well above the 100 hourly simple moving average.

However, the bears were active near the $1,350 zone. There were two attempts to clear the $1,350 resistance, but the bulls failed. As a result, there was a bearish reaction from $1,350, similar to bitcoin. Ether price declined below the $1,320 and $1,300 levels.

There was a clear move below the 50% Fib retracement level of the upward move from the $1,240 swing low to $1,350 swing high. The price is now trading near $1,290 and the 100 hourly simple moving average.

There is also a key bullish trend line forming with support near $1,285on the hourly chart of ETH/USD. The pair seems to be stable above the 61.8% Fib retracement level of the upward move from the $1,240 swing low to $1,350 swing high.

Ethereum Price

Source: ETHUSD on TradingView.com

An immediate resistance on the upside is near the $1,300 level. The first major resistance is near the $1,318 and $1,320 levels. A close above the $1,320 resistance might start a fresh increase. The next major resistance could be $1,350. Any more gains might send the price towards the $1,400 resistance zone.

More Losses in ETH?

If ethereum fails to climb above the $1,320 resistance, it could continue to move down. An initial support on the downside is near the $1,285 level and the trend line.

The next major support is near the $1,280 level, below which the price could gain bearish momentum towards the $1,240 support. Any more losses could lead the price towards the $1,200 support.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 level.

Major Support Level – $1,280

Major Resistance Level – $1,320

Tags: ETHethereumethusdETHUSDT
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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