Ethereum is facing resistance near the $ 1,350 level against the US Dollar. ETH price could continue to fall to $ 1,200 or $ 1,180 as long as it doesn’t break above $ 1,350. According to the technical analysis of NewsBTC’s Aayush Jindal:
-Ethereum is struggling to gain momentum above $ 1,350 and $ 1,375.
-The price is currently trading well below $ 1,350 and the 100 hourly simple moving average.
-There is a key bearish trend line showing resistance near $ 1,360 on the hourly chart of ETH / USD (based on Kraken data).
-The pair could extend the decline towards the $ 1,200 support as long as it is below $ 1,375.
Ethereum (ETH) Price Shows Downward Signals
After testing the $ 1,250 support zone, Ethereum started a new surge. ETH broke the $ 1,300 and $ 1,320 resistance levels. It even broke the $ 1,350 level and the 100 hourly simple moving average.
However, the bulls could not keep the price above $ 1,350. A high price has occurred around $ 1,375 and is currently falling. There was a break below the $ 1,350 support level. Ethereum is currently trading well below $ 1,350 and the 100 hourly simple moving average.
It is testing the 50% Fib retracement level of the upward move from $ 1,246 to $ 1,375. On the hourly chart of ETH / USD, there appears to be a key bearish trend line formed with resistance near $ 1,360.
On the downside, an immediate support is near the $ 1,295 level. This coincides with the 61.8% Fib retracement level of the bullish move from $ 1,246 to $ 1,375. The next major support is near the $ 1,250 level, below which it is stated that ETH could continue to descend towards the $ 1,200 support zone and even towards $ 1,180.
Will Ethereum (ETH) Fall?
If Ethereum stays above the $ 1,295 support zone, there is a chance for an upside break above the 100 hourly simple moving average. The first major resistance is located near the trend line and at $ 1,350.
A successful close above the trendline resistance and $ 1,350 could open the doors for a new increase. The next major resistance is near the $ 1,375 level, above which the ETH price will likely rise to the $ 1,450 level. The main hurdle to the upside is still around $ 1,500.
-Hourly MACD – The MACD for ETH / USD is slowly gaining momentum in the bearish zone.
-Hourly RSI – The RSI for ETH / USD is currently well below the 50 level.
-Major Support Level: $ 1,295
-Major Resistance Level – $ 1,350