Ethereum Trims Gains, Why ETH Could Find Strong Support Near $1,275

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Ethereum began a downward correction after trading to a new all-time high of $ 1,480 against the US dollar. The ETH price is currently approaching the support levels of USD 1,300 and USD 1,275.

  • Ethereum started a new downward correction in the USD 1,480 resistance zone.
  • The price is down around 10% and is trading near the 100-hour simple moving average.
  • The ETH / USD hourly chart (data feed via Kraken) broke below a major bullish trendline with support near USD 1,385.
  • The pair is likely to find strong buying interest near the USD 1,275 and USD 1,280 support levels.

Ethereum price is approaching great support

After a sharp surge above $ 1,400, Ethereum failed to test the $ 1,500 resistance zone. A new all-time high was formed near $ 1,480 before the price fell again.

There was a significant break below the USD 1,400 and USD 1,380 support levels. More importantly, there was a break on the hourly ETH / USD chart below a major bullish trendline with support near USD 1,385. The pair broke the USD 1,350 support level to enter a short-term bearish zone.

A low is being formed near $ 1,292 and Ether is currently attempting a new move higher. It broke the 23.6% fib retracement level of the recent decline from the high of $ 1,478 to the low of $ 1,292.

Source: ETHUSD on TradingView.com

Large resistance is forming on the upside near the $ 1,365 level. It is close to the 50% Fib retracement level of the recent decline from the high of $ 1,478 to the low of $ 1,292. There is also a connecting bearish trendline with resistance near USD 1,385.

Ether price is approaching some key supports near $ 1,300 and $ 1,285. The main support is forming near the $ 1,275 level below which there is a risk of a larger decline in the upcoming sessions.

Dips supported at ETH?

Ethereum is currently down around 10% and trading near the 100-hour simple moving average. To start a new spike, it needs to go bullish above the $ 1,365 and $ 1,385 resistance levels.

A successful close above the trendline resistance and $ 1,385 could set the pace for another move higher. The next major resistance is near the $ 1,450 and $ 1,480 levels.

Technical indicators

Hourly MACD – – The MACD for ETH / USD is slowly losing pace in the bearish zone.

Hourly RSI – – The RSI for ETH / USD is currently well below the 50 level.

Main support tier – $ 1,275

Main Resistance Level – $ 1,380