Ethereum Topside Bias Vulnerable If It Continues To Struggle Below $1.4K


Ethereum is struggling to increase the pace above $1350 against the US Dollar. ETH must clear the $1,380 and $1,400 levels to start a steady increase.

  • Ethereum is facing an increase in selling below the $1,400 level.
  • The price is now trading below $1,400 and the 100 hourly simple moving average.
  • There is a new solid bearish trend line forming with resistance near $1,350 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair may recover further if there is a clear move above the $1400 resistance area.

Ethereum price recovers a bit

Ethereum formed a base above the $1,300 level and started recently upside correction. ETH managed to recover above the $1,320 and $1,325 levels.

There was a move above the $1350 resistance level. Ether price rose above the 38.2% Fib retracement level of the downside move from the $1,475 swing high to $1,282. The price rose above the $1,375 level, but the rallies were limited.

The price failed to rise above the 50% Fib retracement level of the downside move from the $1,475 swing high to $1,282. It is now trading below $1,400 and the 100 hourly simple moving average.

On the upside, the price is facing resistance near the $1350 level. There is also a new solid bearish trend line forming with resistance near $1,350 on the hourly chart of ETH/USD. The next major resistance is near $1,380 and Simple moving average per 100 hours.

Ethereum price

Source: ETHUSD on TradingView.com

The main resistance is near the $1,400 level. A clear break above $1400 could lead to a decent increase towards the $1450 level. Any further gains could open the door for a move towards the $1500 resistance level.

A new drop in ETH?

If Ethereum fails to rise above the $1350 resistance and the 100 hourly simple moving average, it may start a new decline. There is initial support on the downside near the $1,300 region.

The next major support is near $1,280. A break-down below the $1,280 support level could increase selling pressure. In the aforementioned case, the price of Ether may fall towards the $1200 level in the near term.

Technical Indicators

MACD per hourMACD for ETH/USD is gaining momentum in bearish territory.

Hourly RSIThe RSI for ETH/USD is now below the 50 level.

Key Support Level – $1300

Key Resistance Level – $1400



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