Ethereum jumped and tested the $1,350 resistance against the US Dollar. ETH corrected lower, but the bulls are active near the $1,280 support.
- Ethereum was able to clear the $1,300 and $1,320 resistance levels.
- The price is now trading near $1,290 and the 100 hourly simple moving average.
- There is a key bullish trend line forming with support near $1,285 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh increase unless there is a clear move below the $1,280 support.
Ethereum Price Tops Near $1,350
Ethereum price gained pace for a steady move above the $1,300 resistance zone. ETH even surpassed the $1,320 level and settled well above the 100 hourly simple moving average.
However, the bears were active near the $1,350 zone. There were two attempts to clear the $1,350 resistance, but the bulls failed. As a result, there was a bearish reaction from $1,350, similar to bitcoin. Ether price declined below the $1,320 and $1,300 levels.
There was a clear move below the 50% Fib retracement level of the upward move from the $1,240 swing low to $1,350 swing high. The price is now trading near $1,290 and the 100 hourly simple moving average.
There is also a key bullish trend line forming with support near $1,285on the hourly chart of ETH/USD. The pair seems to be stable above the 61.8% Fib retracement level of the upward move from the $1,240 swing low to $1,350 swing high.
Source: ETHUSD on TradingView.com
An immediate resistance on the upside is near the $1,300 level. The first major resistance is near the $1,318 and $1,320 levels. A close above the $1,320 resistance might start a fresh increase. The next major resistance could be $1,350. Any more gains might send the price towards the $1,400 resistance zone.
More Losses in ETH?
If ethereum fails to climb above the $1,320 resistance, it could continue to move down. An initial support on the downside is near the $1,285 level and the trend line.
The next major support is near the $1,280 level, below which the price could gain bearish momentum towards the $1,240 support. Any more losses could lead the price towards the $1,200 support.
Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – $1,280
Major Resistance Level – $1,320
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Author: Aayush Jindal