Credit: Original article published by newsbtc.

Ethereum struggled to clear the $1,400 resistance and declined to $1,275 against the US Dollar. ETH price is struggling, but it could recover once there is a clear break above $1,350.

  • Ethereum topped near the $1,375 level before dropping back to $1,275.
  • The price is now trading below the $1,350 pivot level and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $1,345 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a strong increase if it clears the $1,350 resistance zone in the near term.

Ethereum Price is Facing Hurdles

After a failed attempt near $1,400, Ethereum started a fresh bearish wave. ETH price topped near the $1,375 level before it declined almost $100. There was a break below the $1,350 support level and the 100 hourly simple moving average.

However, the bulls were able to protect the $1,275 support. A low is formed near $1,274 and the price is currently correcting higher. It is testing the $1,320 resistance level, which is close to the 50% Fib retracement level of the recent decline from the $1,375 high to $1,274 low.

The first major resistance is near the $1,340 and $1,350 levels. There is also a key bearish trend line forming with resistance near $1,345 on the hourly chart of ETH/USD. The trend line is close to the 61.8% Fib retracement level of the recent decline from the $1,375 high to $1,274 low.

Source: ETHUSD on TradingView.com

Moreover, the 100 hourly SMA is also positioned near $1,340 to act as a hurdle. A clear break above the $1,340 and $1,350 resistance levels may possibly open the doors for a larger increase in the coming sessions. In the stated case, there are high chances of a break above the $1,400 resistance level.

Fresh Dip in ETH?

If Ethereum fails to clear the $1,340 zone and the trend line resistance, it could start a fresh decline. An initial support on the downside is near the $1,300 level.

The first major support is near the $1,275 zone. If ether price fails to stay above the $1,275 support, there is a risk of a drop towards the $1,200 support zone.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is slowly gaining pace in the bullish zone.

Hourly RSIThe RSI for ETH/USD is currently approaching the 50 level.

Major Support Level – $1,275

Major Resistance Level – $1,350

This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. CryptosOnline.com does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.

#Bitcoin #Crypto #Cryptocurrency

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