Ethereum is facing resistance near the USD 1,350 level against the US dollar. The ETH price could continue to decline towards USD 1,200 or USD 1,180 unless it moves higher than USD 1,350.
- Ethereum is struggling to gain momentum above USD 1,350 and USD 1,375.
- The price is now trading well below USD 1,350 and the 100 simple hourly moving average.
- A major bearish trendline is forming with resistance near USD 1,360 on the ETH / USD hourly chart (data feed via Kraken).
- The pair could extend its drop towards the USD 1,200 support as long as it remains below USD 1,375.
Ethereum price is showing bearish signs
After testing it $ 1,250 support zone, Ethereum started a fresh rise. ETH broke the USD 1,300 and USD 1,320 resistance levels. It even broke the USD 1,350 level and the 100 simple hourly moving average.
However, the bulls failed to hold the price above USD 1,350. A high was formed at $ 1,375 and the price is currently falling. There was a break below the USD 1,350 support level. Ether is now trading well below USD 1,350 and the 100-hour simple moving average.
It tests the 50% Fib retracement level of the upward move from USD 1,246 low to USD 1,375 high. It looks like a major bearish trendline is forming with resistance near USD 1,360 on the ETH / USD hourly chart.
Source: ETHUSD on TradingView.com
On the downside, an immediate support is near the USD 1,295 level. It coincides with the 61.8% Fib retracement level of the upward move from the low of $ 1,246 to the high of $ 1,375. The next big support is near the USD 1,250 level, below which ether could continue to decline towards the USD 1,200 or even USD 1,180 support zone.
Upside down in ETH?
If Ethereum stays above the USD 1,295 support zone, there is a chance of an upward breach above the 100 simple hourly moving average. The first major resistance is near the trendline and USD 1,350.
A successful close above trendline resistance and USD 1,350 could open the doors for fresh gains. The next big resistance is near the USD 1,375 level, above which the ether price is likely to climb towards the USD 1,450 level. The main hurdle at the top is still close to $ 1,500.
MACD per hour – The MACD for ETH / USD is slowly gaining pace in the bearish zone.
RSI per hour – The RSI for ETH / USD is currently well below the 50 level.
Major Support Level – $ 1,295
Major Resistance Level – USD 1,350