The US Dollar is steadily falling below $1,300 as Ethereum slowly moves lower. If Ethereum stays under $1,400 for a prolonged period of time, it is still at high risk.
- Ethereum experienced a new downturn after failing to surpass the $1350 resistance.
- The current price trades below $1,320 as well as the simple 100-hour moving average.
- A break was seen below a bullish trend line, with support close to $1,320 in the hourly chart of Ethereum/USD (datafeed via Kraken).
- If the pair breaks through $1,265 support area, it could experience bearish momentum.
Ethereum Prices Lower
Ethereum sought a new rise above the $1350 level. This was similar to Bitcoin price. ETH failed to move at the same pace as bitcoin price above $1,350.
After trading as high as $1.340, the price began to decline again. The price fell below the $1320 support area. A break was seen below a crucial bullish trend line, with support at $1,320, on the hourly chart. It even fell below the 50% Fib level of the upward swing from the $1262 swing low down to the $1,340 peak.
The Ether price currently trades below $1,320 as well the 100-hourly simple moving average. A connecting bearish trend line and the $1290 level are immediate support for the upside.
Source: TradingView.com ETHUSD
It is located near $1,300. The 100-hourly simple moving average will be the initial major resistance. An upside breakout above the $1300 resistance zone might open up the possibility of a push towards the $1320 level. The $1,350 resistance level is the main support. Above that, price could accelerate higher.
What is the Downside to ETH?
It could fall further if it fails to rise above $1,300. The $1,265 level is the initial support.
Near the $1240 level, or the 1.236 Fib extension of the upward movement from the $1.262 swing low down to the $1.340 high, is the next significant support. If the downside breaks below the $1240 level, it could lead to a further decline down to $1,220. A move toward the $1,200 support may be possible if there are more losses.
Technical indicators
Minutely MACD – Now, the MACD of ETH/USD has gained momentum in the bearish area.
Hourly RSI – The current RSI level for USD/ETH is below 50.
Major Support Level – $1,265
Major Resistance Level – $1,300