Ethereum started a post-trade downside correction to a new all-time high of $ 1,480 against the US dollar. ETH price is currently approaching the USD 1,300 and USD 1,275 support levels.
- Ethereum started another downside correction from the USD 1,480 resistance zone.
- The price is down about 10% and is trading near the 100 simple hourly moving average.
- There was a break below a major bullish trendline with support at $ 1,385 on the ETH / USD hourly chart (data feed via Kraken).
- The pair is likely to find strong buying interest near the USD 1,275 and USD 1,280 support levels.
Ethereum price is approaching a major support
After a surge above USD 1,400, Ethereum failed to test the USD 1,500 resistance zone. A new all-time record formed near USD 1,480 before the price started a fresh decline.
There was a clear break below the USD 1,400 and USD 1,380 support levels. More importantly, there was a break below a major bullish trendline with support at $ 1,385 on the ETH / USD hourly chart. The pair broke the USD 1,350 support level and entered a bearish zone in the near term.
A low is forming near USD 1,292 and ether is currently seeking another increase. It broke the 23.6% Fib retracement level from the recent drop from the $ 1,478 swing high to $ 1,292 low.
Source: ETHUSD on TradingView.com
On the upside, there is a big resistance forming near the USD 1,365 level. It is close to the 50% Fib retracement level of the recent drop from the $ 1,478 swing high to $ 1,292 low. A connecting bearish trendline is also forming with a resistance near USD 1,385.
Ether price is approaching some key supports near USD 1,300 and USD 1,285. The main support is forming around the USD 1,275 level, below which there is a risk of a larger decline in the coming sessions.
Dips supported in ETH?
Ethereum is currently down about 10% and is trading near the 100 simple hourly moving average. To start a fresh rise, it must gain bullish momentum above the USD 1,365 and USD 1,385 resistance levels.
A successful close above the trendline resistance and USD 1,385 could set the pace for one new increase. The next big resistance is near the USD 1,450 and USD 1,480 levels.
MACD per hour – The MACD for ETH / USD is slowly losing pace in the bearish zone.
RSI per hour – The RSI for ETH / USD is currently well below the 50 level.
Major Support Level – USD 1,275
Major Resistance Level – $ 1,380