Ethereum surged above the $ 1,300 level against the US dollar but struggled near $ 1,375. ETH price is approaching large support and is likely to climb back above USD 1,350.
- Ethereum saw strong selling interest near $ 1,375 and corrected lower.
- The price is approaching the USD 1,300 support zone and the 100 hour simple moving average.
- An important bullish trendline is forming on the hourly chart of ETH / USD (data feed via Kraken) with support near USD 1,305.
- The pair could test $ 1,292 before starting a fresh move towards $ 1,350 and $ 1,375 in the short term.
The Ethereum price tests key support
After trading just $ 1,207, Ethereum started a new surge. ETH price traded above the USD 1,250 and USD 1,265 resistance levels to move into a positive zone.
There was also a significant break above the key resistance of $ 1,300 and the 100-hour simple moving average. The price even triggered a large bearish trendline with resistance near $ 1,300 on the hourly chart. As a result, there was a boost above the $ 1,350 level, but Ether again failed to remove the $ 1,375 resistance.
A high is being formed near $ 1,376 and the price is currently correcting lower. It broke the 23.6% fib retracement level of the recent wave from a low of $ 1,207 to a high of $ 1,376.
Source: ETHUSD on TradingView.com
The price is now approaching the USD 1,300 support zone and the 100 hour simple moving average. A major bullish trendline is also forming on the hourly chart of ETH / USD with support near USD 1,305. The next big support is near the $ 1,292 level.
The 50% Fib retracement level of the recent wave from the low of $ 1,207 to the high of $ 1,376 is at $ 1,292 to provide support. Further losses could pave the way for a push towards the USD 1,250 support zone.
New rise in ETH?
If Ethereum stays above the USD 1,292 support zone, it could lead to another spike. Initial resistance to the upside is near the $ 1,325 level. The first major resistance is near the $ 1,350 level.
The main resistance is still near the $ 1,375 level above which the ether price could test $ 1,400. Further gains could open the doors for a run towards the $ 1,500 level in the short term.
Technical indicators
Hourly MACD – – The MACD for ETH / USD is slowly gaining pace in the bearish zone.
Hourly RSI – – The RSI for ETH / USD is currently just below the 50 level.
Main support tier – $ 1,292
Main Resistance Level – $ 1,375
