Ethereum gained pace above the USD 1,300 level against the US dollar, but it struggled around USD 1,375. ETH price is nearing a major support and is likely to bounce back above USD 1,350.
- Ethereum faced strong selling interest near USD 1,375 and adjusted lower.
- The price is approaching the USD 1,300 support zone and the 100 easy hourly moving average.
- A major bullish trendline is forming with support near USD 1,305 on the ETH / USD hourly chart (data feed via Kraken).
- The pair could test USD 1,292 before starting a fresh rise towards USD 1,350 and USD 1,375 in the near term.
Ethereum Price is testing important support
After trading from $ 1,207, Ethereum started one new increase. ETH price traded above the USD 1,250 and 1,265 resistance levels to move into positive zone.
There was also a clear break above the key USD 1,300 resistance and the 100-hour simple moving average. In fact, the price cleared a major bearish trendline with resistance near USD 1,300 on the hourly chart. As a result, there was a push above the USD 1,350 level, but ether again failed to clear the USD 1,375 resistance.
A high is forming near USD 1,376 and the price is currently correcting lower. It broke the 23.6% Fib retracement level of the recent wave from the $ 1,207 swing low to $ 1,376 high.
Source: ETHUSD on TradingView.com
The price is now nearing the USD 1,300 support zone and the 100 easy hourly moving average. A major bullish trendline is also forming with support near USD 1.305 on the ETH / USD hourly chart. The next big support is near the USD 1,292 level.
The 50% Fib retracement level of the recent wave from the USD 1,207 swing low to USD 1,376 high is USD 1,292 to provide support. Even more losses could pave the way for a push to the $ 1,250 support zone.
New increase in ETH?
If Ethereum stays above the USD 1,292 support zone, it could start a fresh rise. An initial resistance on the upside is near the USD 1,325 level. The first major resistance is near the USD 1,350 level.
The main resistance is still near the USD 1,375 level, above which the ether price could test USD 1,400. Even more gains could open the doors for a run to the $ 1,500 level in the near term.
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 just below the 50 level.
Major Support Level – $ 1,292
Major Resistance Level – $ 1,375