Ethereum gained speed above the $ 1,300 level against the US Dollar, but struggled around $ 1,375. ETH price is approaching a major support and is likely to break above $ 1,350.
Ethereum saw strong selling interest around $ 1,375 and corrected lower.
The price is approaching the $ 1,300 support zone and the 100 hourly simple moving average.
There is a key bullish trend line formed with support near $ 1,305 on the hourly chart of ETH / USD.
The pair could test $ 1,292 before starting a new high towards $ 1,350 and $ 1,375 in the near term.
Ethereum price tests key support
Ethereum started a new surge after trading as low as $ 1,207. ETH price traded above the $ 1,250 and 1,265 resistance levels to move into the positive zone.
There was also a clear break above the $ 1,300 key resistance and the 100 hourly simple moving average. The price even cleared a major bearish trend line with resistance near $ 1,300 on the hourly chart.
A high was formed around $ 1,376 and the price is currently correcting lower.
The price is now approaching the $ 1,300 support zone and the 100 hourly simple moving average. There is also an important bullish trend line formed with support near $ 1,305 on the hourly chart of ETH / USD. The next major support is near the $ 1,292 level.
If Ethereum stays above the $ 1,292 support zone, it could start a new increase. On the upside, initial resistance is near the $ 1,325 level. The first major resistance is near the $ 1,350 level.
The main resistance is near the $ 1,375 level where Ethereum price could test $ 1,400. Further gains could open the door for a run towards the $ 1,500 level in the near term.
Hourly MACD – The MACD for ETH / USD is slowly gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH / USD is currently just below the 50 level.
Major Support Level: $ 1,292.
Major Resistance Level – $ 1,375.