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.
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.
MACD per hour – MACD for ETH/USD is gaining momentum in bearish territory.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Key Support Level – $1300
Key Resistance Level – $1400