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.

 

Technical indicators

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.

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