Ethereum is facing resistance against the US dollar near the $ 1,350 level. ETH price could continue to decline towards $ 1,200 or $ 1,180, provided it is not above $ 1,350.
- Ethereum is struggling to gain momentum above $ 1,350 and $ 1,375.
- The price is now trading well below $ 1,350 and the 100-hour simple moving average.
- An important bearish trendline is forming on the hourly chart of ETH / USD (data feed via Kraken) with resistance near USD 1,360.
- The pair could extend its decline to the $ 1,200 support as long as it is below $ 1,375.
The Ethereum price is showing bearish signs
After testing the USD 1,250 support zone, Ethereum started a new surge. ETH broke the USD 1,300 and USD 1,320 resistance levels. It even broke the $ 1,350 level and 100 hour simple moving average.
However, the bulls failed to keep the price above $ 1,350. A high has been formed near $ 1,375 and the price is currently falling. There was a pause below the USD 1,350 support level. Ether is now trading well below $ 1,350 and the 100-hour simple moving average.
It tests the 50% fib retracement level of the move up from the low of $ 1,246 to the high of $ 1,375. An important bearish trendline appears to be forming on the hourly chart of ETH / USD with resistance near USD 1,360.
Source: ETHUSD on TradingView.com
On the flip side, immediate support is near the USD 1,295 level. It coincides with the 61.8% Fib retracement level of the move up from the low of $ 1,246 to the high of $ 1,375. The next major support is near the USD 1,250 level, below which ether could move further towards the USD 1,200 or even USD 1,180 support zone.
Upward pause at ETH?
If Ethereum stays above the USD 1,295 support zone, there is a possibility of an upward move above the 100-hour simple moving average. The first major resistance is near the trendline and at $ 1,350.
A successful close above the trendline resistance and USD 1,350 could open the doors for another move higher. The next major resistance is near the USD 1,375 level, above which the ether price is most likely to rise towards the USD 1,450 level. The main hurdle on the upside is still at $ 1,500.
Hourly MACD – – The MACD for ETH / USD is slowly gaining pace in the bearish zone.
Hourly RSI – – The RSI for ETH / USD is currently well below the 50 level.
Main support tier – $ 1,295
Main Resistance Level – $ 1,350