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.

See Also
By mining Ethereum at home, he earns 122 thousand dollars a year!

 

Technical indicators

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.

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