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
