Ethereum has formed a base that is above $1,265 against the US dollar. If the price moves above $1,300 resistance level, ETH may see a steady rise.
- Ethereum has $1,265, the main breakdown support.
- The 100 hourly simple moving mean and price are now below $1310.
- On the hourly chart for ETH/USD, there is an emerging bearish trendline that forms with resistance close to $1,295 (data source via Kraken).
- A clear move over $1,300 to $1,320 could lead to a solid upwards move for the pair.
Ethereum’s Price Supported
Ethereum sought a new rise above $1300, similar to bitcoin. ETH was unable to keep up with the $1320 level.
It reached $1,310 before it began a new decline. It fell below the $1,300 resistance zone. It tested the $1,265 resistance zone. It has now fallen to $1,270. Ether is currently trading near $1,310. The 100 hourly simple moving Average is also below that level.
Near the $1,290 mark is immediate resistance to the upside. This is close to the 50 percent Fib Retracement level for the decline from the $1.310 swing high and $1.270 low.
Source: TradingView.com ETHUSD
Near the $1,295 and 100 hourly simple moving mean levels is the first significant resistance. On the hourly chart of Ethereum/USD, there is a connecting bearish trendline that forms with resistance close to $1,295 If the upside move above the $1300 resistance zone is clear, it could lead to a movement towards the $1320 level. The $1,350 resistance level is the main support. Above that, ether could see a sharp increase.
Major Drop in ETH
It could fall further if it fails to rise above $1,300. Initial support for the downside lies near $1,270.
Near the $1,265 mark is the next support. If the downside breaks below $1,265, it could trigger a new decline towards $1,220. A further decline below the $1,265 zone could lead to a new fall towards $1.220.
Indicators of technical importance
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