Ethereum is struggling at the $1,350 resistance level. ETH must break through the $1,380 and $1,400 levels to initiate steady gains.
- Ethereum is facing an increase in sales below $1,400.
- The price is currently trading below $1,400 and the 100-hour simple moving average.
- There is a new bearish trend line forming with resistance near $1,350 on the hourly chart of ETH/USD.
- The pair could recover further if there is a clear move above the $1,400 resistance zone.
Ethereum price recovers slightly
Ethereum has formed a base above $1,300 and has recently started a bullish correction. ETH was able to recover above the $1,320 and $1,325 levels.
There was a move above the $1,350 resistance level. Ether prices climbed above the 38.2% Fib retracement level of the downward move from a high of $1,475 to a low of $1,282.
The price even soared above $1,375, but gains were limited. The price was unable to get close to the 50% Fib retracement of the downward move from the $1,475 high to the $1,282 low. ETH is currently trading below $1,400 and a simple 100-hour moving average.
In the opposite direction, the price is facing resistance near the $1,350 level. There is also a new 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 the 100-hour simple moving average.
The main resistance level is near the $1,400 level. A break of the overhead resistance of $1,400 could initiate a significant upside towards $1,450. Any further gains could probably open the door for a move towards the $1,500 resistance level.
Ethereum hits new drop?
If Ethereum fails to break above the $1,350 resistance and the 100-hour simple moving average, it could start a new slump. Initial support on the downside is near the $1,300 zone.
The next major support is near $1,280. A fall below the $1,280 support level could increase selling pressure. In this case, the price of Ether could drop to $1,200 in the near term.
Technical indicators
Hourly MACD – THE MACD for ETH/USD is currently gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently below the 50 level.
Key support level – $1,300
Key resistance level – $1,400
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