Ethereum fell below the $1,350 support level against the US Dollar. ETH could start to increase steadily if there is a clear level above the $1350 resistance.
- Ethereum started a new decline after it failed to clear the $1,385 resistance area.
- The price is now trading below $1350 and the 100 hourly simple moving average.
- There was a break above the major downtrend line with resistance near $1,320 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair must remain above the $1,300 level to avoid a major decline in the near term.
Ethereum price holds major support
Ethereum fails to increase speed above The $1,385 and $1,400 resistance levels. ETH rose near the $1,385 level and started a new low.
There was a move below the $1360 and $1350 support levels. Ether price stabilized even below $1350 and the 100 hourly simple moving average. The bottom formed near $1,305 and the price is now slowly moving higher. There was a move above the $1,310 and $1,320 levels.
There was a break above the major downtrend line with resistance near $1,320 on the hourly chart of ETH/USD. The price even rose above the 23.6% Fib retracement level of the downside move from the $1,385 high to $1,305 high.
However, the price faced sellers near the $1330 level and Simple moving average per 100 hours. On the upside, the price is facing hurdles near $1,325 and $1,330. The first major resistance appears near the $1350 level.
source: ETHUSD on TradingView.com
The 50% Fib retracement level of the downside move from the $1,385 to $1,305 level is also near the $1,350 level. A clear break above $1350 could lead the price higher. The next major resistance could be near the $1,385 level, above which the price could gain upward momentum.
Breaking the downside in ETH?
If Ethereum fails to climb above the $1350 resistance, it may continue to decline. There is initial support on the downside near the $1,315 level.
The next major support is near the $1,305 level. A break-down below the $1,305 level could send the price towards the $1,250 support level. Any further losses could send the price towards $1,220.
MACD per hour – ETH/USD’s MACD is losing momentum in bearish territory.
Hourly RSI – The RSI for ETH/USD is now close to the 50 level.
Key Support Level – $1,305
Key Resistance Level – $1,350