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Ethereum

Ethereum Price Turns Green But Decreasing Volumes Might Be Concerning

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

Ethereum extended its increase above the $1,300 resistance zone against the US Dollar. ETH tested the $1,350 zone and is currently correcting lower.

  • Ethereum remained in a positive zone and climbed above the $1,300 and $1,320 resistance levels.
  • The price is now trading above $1,300 and the 100 hourly simple moving average.
  • There is a major bullish trend line forming with support near $1,292 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could rise further if it stays above the $1,280 support zone.

Ethereum Price Faces Resistance

Ethereum price started a decent increase above the $1,280 level. ETH gained pace and was able to clear the $1,300 resistance zone to move into a positive zone, similar to bitcoin above $17,000.

The price even broke the $1,320 zone to extend its increase. Ether traded to a new yearly high at $1,343 and slowly lost momentum. It seems like the price climbed above the $1,320 level on a decreasing trading volume. As a result, there was a pullback below the $1,325 level.

The price declined below the 23.6% Fib retracement level of the upward move from the $1,262 swing low to $1,343 high. Ether is still trading above $1,300 and the 100 hourly simple moving average.

There is also a major bullish trend line forming with support near $1,292 on the hourly chart of ETH/USD. An immediate resistance is near the $1,330 level. The next major resistance is near the $1,350 level. A clear move above the $1,350 resistance could another decent increase.

Ethereum Price

Source: ETHUSD on TradingView.com

In the stated case, the price may perhaps climb higher towards the $1,400 resistance. The next major resistance could be $1,450, above which the price could surge towards the $1,500 resistance zone.

Dips Supported in ETH?

If ethereum fails to clear the $1,330 resistance, it could continue to move lower. An initial support on the downside is near the $1,305 level.

The next major support is near the $1,292 level and the trend line. It is near the 61.8% Fib retracement level of the upward move from the $1,262 swing low to $1,343 high. A downside break below the trend line support might call for a move towards the $1,280 support. Any more losses might call for a test of the $1,250 zone.

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 above the 50 level.

Major Support Level – $1,280

Major Resistance Level – $1,350

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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