Ethereum is facing resistance near the $ 1,350 level against the US Dollar. ETH price could continue to fall to $ 1,200 or $ 1,180 as long as it doesn’t break above $ 1,350.
Ethereum is struggling to gain momentum above $ 1,350 and $ 1,375.
The price is currently trading well below $ 1,350 and the 100 hourly simple moving average.
There is a key bearish trend line with resistance near $ 1,360 on the hourly chart of ETH / USD.
The pair could extend the decline towards the $ 1,200 support as long as it is below $ 1,375.
Ethereum price shows bearish signs
After testing the $ 1,250 support zone, Ethereum started a new surge. ETH broke the $ 1,300 and $ 1,320 resistance levels. It even broke the $ 1,350 level and the 100 hourly simple moving average.
However, the bulls could not keep the price above $ 1,350. A high was formed around $ 1,375 and the price is currently falling. There was a break below the $ 1,350 support level. Ethereum is currently trading well below $ 1,350 and the 100 hourly simple moving average.
If Ethereum stays above the $ 1,295 support zone, the price has a chance to break above the 100 hourly simple moving average. The first major resistance is near the trend line at $ 1,350.
A successful close above the trendline resistance and $ 1,350 could open the doors for a new increase. The next major resistance is near the $ 1,375 level, above which Ethereum price will likely rise to the $ 1,450 level. The main hurdle to the upside is still around $ 1,500.
Hourly MACD – The MACD for ETH / USD is slowly gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH / USD is currently well below the 50 level.
Support Level: $ 1,295.
Resistance Level: $ 1,350.