Ethereum struggled to clear the $ 1,400 resistance and fell to $ 1,275 against the US Dollar. ETH price is in a difficult position, but can recover when there is a clear break above $ 1,350.
Ethereum approached the $ 1,375 level before falling to $ 1,275.
The price is currently trading below the $ 1,350 pivot level and the 100 hourly simple moving average.
There is a key bearish trend line showing resistance near $ 1,345 on the hourly chart of ETH / USD.
The pair could start a strong uptrend if it clears the $ 1,350 resistance zone in the near term.
Ethereum price faces hurdles
After a failed attempt near $ 1,400, Ethereum started a new bearish wave. ETH price approached the $ 1,375 level before dropping 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 maintain the $ 1,275 support. A low was formed around $ 1,274 and the price is currently up.
The first major resistance is near the $ 1,340 and $ 1,350 levels. There is a key bearish trend line with resistance near $ 1,345 on the hourly chart of ETH / USD.
Moreover, the 100 hourly SMA was also positioned around $ 1,340 to act as a hurdle. A clear break above the $ 1,340 and $ 1,350 resistance levels could open the doors for a larger increase in the coming sessions. In the stated situation, there is a high chance of a break above the $ 1,400 resistance level.
Hourly MACD – The MACD for ETH / USD is slowly gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH / USD is currently approaching the 50 level.
Major Support Level – $ 1,275.
Major Resistance Level – $ 1,350.