Ethereum was unable to break the $1350 resistance, and it corrected lower against USD. ETH holds the support key and may aim a new move towards $1,400.
- Ethereum began a downtrend correction and reached the $1,265 support area.
- The current price trades above $1,300 as well as the simple 100-hour moving average.
- A key bullish trendline is emerging with support at $1,295 (data feed via Kraken).
- It appears that the pair is experiencing a fresh rise above $1,350 resistance.
Ethereum’s Price Supported
Similar to the bitcoin price, Ethereum failed to climb above $1,350. ETH hit a temporary high of $1,343 before starting a downtrend.
Below the $1,320 or $1,300 levels, there was an increase. Even the 100 hourly simple moving mean and $1,280 levels saw Ether prices spike. The $1,265 support area was where the bulls were most active. The price has been rising since a low near $1,262.
The price moved above $1,290 and $1.300 levels. This price has cleared 50% Fib resistance level, which is the recent fall from the $1.343 swing high and $1.262 low.
The 100-hourly simple moving average and $1,300 are now the tops of its trading. On the hourly chart for ETH/USD, there is a bullish trend line that forms with support at $1,295 near. The $1,315 mark is the immediate resistance.
This is close to the 61.8% Fib level of the decline from the $1.343 swing high and $1.262 low. Potential for further gains could be possible if the upside breaks above the $1.315 resistance zone.
Source: TradingView.com, ETHUSD
If the case is true, then the price might rise towards $1,350. The price could rise towards $1,400 if there are more gains.
What is the Downside to ETH?
It could fall further if it fails to rise above $1,315 resistance. Initial support for the downside lies near the $1300 level and 100-hourly simple moving average.
Near the $1,265 mark is the next support. If the downside breaks below $1,265, it could lead to a new decline towards $1,215. If there are more losses, it could open up the possibility of a push towards $1150.
Technical indicators
Hourly MACD – Now, the MACD of ETH/USD has gained momentum in bullish territory.
Hourly RSI – The RSI is at 50 for USD/ETH.
Major Support Level – $1,265
Major Resistance Level – $1,350