Ethereum continued its slide and tested the $1,280 support in relation to the US Dollar. ETH is on the rebound, but must reach $1,280 in order to continue its steady upward movement.
- Ethereum plummeted towards the $1,000 mark before the bulls came.
- The 100-hourly simple moving average and price are now below $1,280.
- On the hourly chart of Ethereum/USD, there was an upward movement above a significant bearish trend line. Resistance near $1205 was seen (data feed via Kraken).
- If the pair crosses $1,280 or $1,300, it could resume its fall.
Ethereum Price Facing Key Resistance
Ethereum fell below the $1,100 mark. Price traded at a multi-month low, almost testing the $1,000 support level.
Before the upside correction began, a low formed at $1,013 A recovery wave occurred above $1,120, $1,150 levels. The Ether price rose above 23.6% Fib level of the key fall from $1,546 swing high, to $1,013 lowest.
A break was seen above the major bearish trend line, with resistance close to $1,205, on an hourly chart of Ethereum/USD. The price remains below the $1,280 hourly moving average and the simple 100-hour moving average.
Near the $1,260 resistance area, bears were very active. Next is $1,280. The 100 hourly simple moving mean will be the resistance. Also, the Fib retracement of 50% is near the $1 2,280 zone.
Source: TradingView.com, ETHUSD
Clear moves above the $1280 resistance level could possibly start an upward movement. Next is $1,420. Gains above $1,420 could lead to a push towards the $1.550 resistance.
Is there a new decline in ETH?
The $1,280 resistance could be broken and ethereum may begin to fall again. The $1,180 area is the first support for the downside.
Next is $1,125. If the price moves below $1,125 it could signal a significant decline. If the above scenario is true, then the price could fall towards the $1,125 support zone.
Technical indicators
Hourly MACD – MACD is currently losing momentum for the bullish area of ETH/USD.
Hourly RSI – The RSI is at 50 for USD/ETH.
Major Support Level – $1,125
Major Resistance Level – $1,280
