Ethereum started a downside correction after trading at an all-time high of $ 1,480 against the US Dollar. ETH price is currently approaching the $ 1,300 and $ 1,275 support levels.
Ethereum launched a new downside correction from the $ 1,480 resistance zone.
The price is down about 10% and is trading close to the 100 hourly simple moving average.
There was a break below a major bullish trend line with support near $ 1,385 on the hourly chart of ETH / USD.
The pair is likely to find strong buying interest near the $ 1,275 and $ 1,280 support levels.
Ethereum price approaching major support
After a strong increase above $ 1,400, Ethereum failed to test the $ 1,500 resistance zone. Before the price started a new decline, its all-time high was formed around $ 1,480.
There was a clear break below the $ 1,400 and $ 1,380 support levels. More importantly, there was a break below a major bullish trend line with support near $ 1,385 on the hourly chart of the ETH / USD pair. The pair broke the $ 1,350 support level to move into a short term bearish zone.
On the upside, there is a major resistance formed near the $ 1.365 level.
Ethereum price approaches a few key supports around $ 1,300 and $ 1,285. The main support is formed near the $ 1,275 level, below which there is a greater risk of downside in the coming sessions.
Ethereum is currently down around 10% and is trading close to the 100 hourly simple moving average. To start a new high, it needs to gain upward momentum above the $ 1,365 and $ 1,385 resistance levels.
A successful close above the trendline resistance and $ 1,385 could set the pace for a new increase. The next major resistance is near the $ 1,450 and $ 1,480 levels.
Hourly MACD – The MACD for ETH / USD is slowly decelerating in the bearish zone.
Hourly RSI – The RSI for ETH / USD is currently well below the 50 level.
Support Level – $ 1,275.
Resistance Level: $ 1,380.