Ethereum began a new decline against the US dollar at $1,350. ETH retested $1255, and is still at risk for further losses.
- Ethereum experienced a second decline following its failure to surpass the $1375 threshold.
- The current price trades below $1,320 as well as the simple 100-hour moving average.
- A key bearish trendline is emerging with resistance close to $1,300 in the hourly chart of Ethereum/USD (datafeed via Kraken).
- If the pair stays under $1,350 for too long, it could fall sharply.
Ethereum’s Price Goes Red
Ethereum did not gain momentum above the $1350 resistance zone. ETH fell below the $1320 resistance zone and 100 hourly simple moving mean.
The price fell below $1,300 by the bears. The $1,260 support level was tested by the Ether Price. It reached a low of $1,264. The price is consolidating losses. The 100-hourly simple moving average and $1,320 are now the lowest levels of trading.
Surprisingly, resistance is near $1,300. The hourly chart of Ethereum/USD shows a significant bearish trendline with resistance close to $1,300. This trend line lies close to the 23.6% Fib Retracement level for the decline from $1,373 swing highs to $1,264 lows.
Near the $1,320 and 100 hourly simple moving levels is the first major resistance. A 50% Fib level is near $13,318.
Source: TradingView.com, ETHUSD
If the price breaks $1,320, it could lead to a substantial increase toward $1,350. If there are more gains, it could open up the possibility of a push towards the $1400 resistance zone. Above that, the price may surge to $1450.
New Decline in the ETH
The $1,320 resistance could be broken and ethereum may begin to fall again. The $1,260 level is the initial support for the downside.
Near the $1,250 support level is the next major support. If the downside breaks below $1,250, the price could drop towards $1,220. Selling could be increased if there are more losses. The price may drop as low as $1,200, or even lower towards $1,150.
Technical indicators
Hourly MACD – MACD of ETH/USD has lost momentum and is currently in the bearish zone.
Hourly RSI – The current RSI level for USD/ETH is just under 50.
Major Support Level – $1,260
Major Resistance Level – $1,320
