Ethereum was unable to surpass the $1,300 resistance against the US Dollar. ETH is in decline and could fall below $1,265 support.
- Ethereum still shows bearish signals below the $1350 and $1320 support levels.
- Today, the price traded below $1300.
- The hourly chart for ETH/USD showed a break below the key channel of rising support with $1,290 as support (data feed via Kraken).
- The risk for more losses remains unless the price moves higher than $1,300.
Ethereum price remains in downtrend
Ethereum began a slight upside correction after the $1,265 support level. ETH was traded at $1,268 but recovered to the $1,280 mark.
The Fib retracement level at the bottom of the downtrend from $1,338 swing high and $1,268 low was breached by Ether price above 23.6%. Even Ether attempted to move clear above the $1.300 resistance zone, and the 100-hourly simple moving average.
However, bulls did not gain any strength and closed below $1,300. Ethereum failed to surpass the 50% Fib Retracement level in the decline from the $13,338 swing high and $1,268 lower low.
The new decline was seen at $1,300. A break was also observed below the key channel of rising support, $1,290, on an hourly chart for ETH/USD. It is currently trading at $1,300 below the simple moving average of 100 hours.
Source: TradingView.com, ETHUSD
The $1,298 level is the immediate resistance. Near the $1,300 mark is the first significant resistance. The doors to a steady uptrend could be opened by a clear breakout of the $1,300 resistance level. If this is the case, then the price might rise towards $1,350. This could be a boon for bitcoin and the other altcoins that are gaining momentum.
Sharp drop in Ethereum?
It could move lower if it fails to overcome the $1,300 resistance. The $1,275 level is the initial support.
Next is $1,265 as a major support. A major drop below the $1.265 level could trigger a decline to $1,200. If you lose more, it could open up the possibility of a push towards the $1,000 support.
Technical Indicators
Hourly MACD – In the bearish zone, momentum is being gained by MACD for USD/ETH.
Hourly RSI – The RSI is currently below the 50 level for USD/ETH.
Major Support Level – $1,265
Major Resistance Level – $1,300
