BTC / USD
23,021.15
0.63%
(-145.46)
ETH / USD
1,576.79
1.31%
(-20.85)
XRP / USD
0.40
1.71%
(-0.01)
LTC / USD
95.61
1.19%
(+1.12)
EOS / USD
1.03
3.56%
(-0.04)
BCH / USD
131.55
2.45%
(-3.31)
ADA / USD
0.38
4.01%
(-0.02)
XLM / USD
0.09
2.84%
(-0)
NEO / USD
8.00
2.61%
(-0.21)
XEM / USD
0.04
0.03%
(0)
DASH / USD
59.87
0.33%
(-0.2)
USDT / USD
1.00
0%
(0)
BNB / USD
309.12
1.49%
(-4.66)
QTUM / USD
2.59
4.81%
(-0.13)
XVG / USD
0.00
1%
(-0)
ONT / USD
0.20
2.83%
(-0.01)
ZEC / USD
44.90
1.82%
(-0.83)
STEEM / USD
0.19
1.04%
(-0)

Ethereum Price at Make-or-Break Levels, Rally Remains Attractive To Sellers

0

Ethereum declined below the $1,350 support against the US Dollar. ETH could start a steady increase if there is a clear above the $1,350 resistance.

  • Ethereum started a fresh decline after it failed to clear the $1,385 resistance zone.
  • The price is now trading below $1,350 and the 100 hourly simple moving average.
  • There was a break above a major bearish trend line with resistance near $1,320 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must stay above the $1,300 level to avoid a major decline in the near term.

Ethereum Price Holds Key Support

Ethereum failed to gain pace above the $1,385 and $1,400 resistance levels. ETH topped near the $1,385 level and started a fresh decline.

There was a move below the $1,360 and $1,350 support levels. Ether price even settled below the $1,350 and the 100 hourly simple moving average. A low was formed near $1,305 and the price is now slowly moving higher. There was am move above the $1,310 and $1,320 levels.

There was a break above a major bearish trend line with resistance near $1,320 on the hourly chart of ETH/USD. The price even climbed above the 23.6% Fib retracement level of the downward move from the $1,385 high to $1,305 low.

However, the price faced sellers near the $1,330 level and the 100 hourly simple moving average. On the upside, the price is facing hurdles near $1,325 and $1,330. The first major resistance is seen near the $1,350 level.

Source: ETHUSD on TradingView.com

The 50% Fib retracement level of the downward move from the $1,385 high to $1,305 low is also near the $1,350 level. A clear break above $1,350 could send the price further higher. The next major resistance could be near the $1,385 level, above which the price could gain bullish momentum.

Downside Break in ETH?

If ethereum fails to climb above the $1,350 resistance, it could continue to move down. An initial support on the downside is near the $1,315 level.

The next major support is near the $1,305 level. A downside break below the $1,305 level might send the price towards the $1,250 support. Any more losses might send the price towards $1,220.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is now losing momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now close to the 50 level.

Major Support Level – $1,305

Major Resistance Level – $1,350

Leave A Reply

Your email address will not be published.