Ethereum has been struggling to break the $1,350 level against the US Dollar. If Ethereum can break the $1350 and $1400 resistance levels, it could see a big increase.
- Ethereum remains stable at levels above $1,260 or $1,250.
- The current price trades below $1,350 as well as the simple 100-hour moving average.
- A major bearish trendline is emerging with resistance close to $1,350 in the hourly chart of Ethereum/USD (datafeed via Kraken).
- A clear of the $1,400 resistance zone could allow for a gradual increase in the price.
Ethereum Price Faces a Challenge
Ethereum fell below the $1,350 resistance area. Although Ethereum fell below the $1,350 resistance zone, it remained above the $1.250 support area. The price dropped to $1,269 but is consolidating its losses.
Ether continues to move higher than the $1,300 mark. The 50% Fib level is being tested by Ether. This is the result of its recent fall from $1,348 swing high, to $1,269 bottom. Now, the price trades below $1350 and the 100 hourly simplemoving average.
Surprisingly, resistance is near the $1320 level and the 100 hourly moving average. It’s near the 61.8% Fib level, which is the level at which the price has fallen from $1,348 high to $1.269 low.
Near $1,350 is the next significant resistance. A major bearish trendline is also in place with resistance close to $1,350. This hourly chart shows ETH/USD. If the price breaks above $1,350, it could signal a significant increase to $1,400.
Source: TradingView.com, ETHUSD
This is the extension level at 1.236 Fib that has been causing the decline in price from the $1.348 swing high to the $1.269 low. Gains of any kind could open up the possibility for the 1 500 resistance to be reached.
New Decline in the ETH
The $1,350 resistance could be broken and ethereum may begin to fall again. Initial support is at the $1,288.
Next major support will be near the $1270 level. In the short term, a downside breakout below $1270 could push the price to the $1220 support. The price could drop to $1150 if it suffers more losses.
Technical Indicators
Minutely MACD – MACD is currently losing momentum for the bullish area of ETH/USD.
Hourly RSI – The RSI is at 50 for Ethereum/USD.
Major Support Level – $1,270
Major Resistance Level – $1,350
