Ethereum fell below $1,350 against the US dollar. If the resistance is clear at $1,350, ETH may see a steady rise.
- After failing to break the $1,385 resistance level Ethereum began a new decline.
- The current price trades below $1,350 as well as the simple 100-hour moving average.
- On the hourly chart of Ethereum/USD, there was a breakout above a significant bearish trend line. Resistance near $1320 was seen (data feed via Kraken).
- For the sake of avoiding a significant decline, the pair must remain at or above $1300.
Ethereum Price holds Key Support
Ethereum did not gain momentum above $1,385 or $1,400 resistance levels. ETH reached near $1,385 and then began a decline.
A move was seen below the $1.360 and $1.350 support levels. The Ether price settled even below the $1350 level and the simple 100-hour moving average. The price fell to $1,305. It is slowly rising. The price moved above $1,310 and $1.320.
On the hourly chart for ETH/USD, there was a breakout above a significant bearish trendline with resistance at $1,320. Price even rose above 23.6% Fib level of downward movement from $13,85 high to $1305 low.
Sellers were able to get the price down below $1,330 and above the 100 hourly simple movement average. The upside is that the price faces hurdles close to $1,325 or $1,330. First resistance will be seen at the $1350 level.
Source: TradingView.com ETHUSD
Also, the fib retracement level at 50% of the downmove from the $1.385 high and $1.305 low levels is close to the $1.350 mark. The price could rise further if it breaks above $1,350. Near the $1,385 mark, the next resistance level could occur. Above which, the price may gain bullish momentum.
What is the Downside to ETH?
It could fall further if it fails to rise above $1,350. Initial support for the downside lies near $1,315
Next major support will be near the $1305 level. The $1,250 support might be reached if the price falls below the $1305 level. Price could drop to $1,220 if there are more losses.
Technical Indicators
Hourly MACD – MACD for USD/ETH is losing momentum now in the bearish area.
Hourly RSI – The current RSI of ETH/USD is close to 50.
Major Support Level – $1,305
Major Resistance Level – $1,350