TA: Ethereum Topside Bias Vulnerable If It Continues To Struggle Below $1.4K

Aayush Jindal

1 year ago

2 mins read

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Ethereum is struggling to gain pace above $1,350 against the US Dollar. ETH must clear the $1,380 and $1,400 levels to start a steady increase.

Ethereum is facing an increase in selling below the $1,400 level.
The price is now trading below $1,400 and the 100 hourly simple moving average.
There is a new connecting bearish trend line forming with resistance near $1,350 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could recover further if there is a clear move above the $1,400 resistance zone.

Ethereum Price Recovers Slightly

Ethereum formed a base above the $1,300 level and recently started an upside correction. ETH was able to recover above the $1,320 and $1,325 levels.

There was a move above the $1,350 resistance. Ether price climbed above the 38.2% Fib retracement level of the downward move from the $1,475 swing high to $1,282 low. The price even spiked above the $1,375 level, but upsides were limited.

The price failed to gain pace above the 50% Fib retracement level of the downward move from the $1,475 swing high to $1,282 low. It is now trading below $1,400 and the 100 hourly simple moving average.

On the upside, the price is facing resistance near the $1,350 level. There is also a new connecting bearish trend line forming with resistance near $1,350 on the hourly chart of ETH/USD. The next major resistance is near $1,380 and the 100 hourly simple moving average.

Source: ETHUSD on TradingView.com

The main resistance sits near the $1,400 level. A clear break above $1,400 might start a decent increase towards the $1,450 level. Any more gains may perhaps open the doors for a move towards the $1,500 resistance.

Fresh Decline in ETH?

If ethereum fails to rise above the $1,350 resistance and the 100 hourly simple moving average, it could start a fresh decline. An initial support on the downside is near the $1,300 zone.

The next major support is near $1,280. A downside break below the $1,280 support might increase selling pressure. In the stated case, ether price might drop towards the $1,200 level in the near term.

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 – $1,300

Major Resistance Level – $1,400

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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