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Ethereum is struggling below the $1,350 zone against the US Dollar. ETH could start a major increase if it clears the $1,350 and $1,400 resistance levels.
- Ethereum is stable above the $1,260 and $1,250 support levels.
- The price is now trading below $1,350 and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance near $1,350 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a steady increase if it clears the key $1,400 resistance zone.
Ethereum Price Faces Hurdles
Ethereum dropped from the $1,350 resistance zone. However, ETH remained stable above the $1,250 support zone. The price traded as low as $1,269 and is currently consolidating losses.
Ether is slowly moving higher above the $1,300 level. It is testing the 50% Fib retracement level of the recent decline from the $1,348 swing high to $1,269 low. The price is now trading below $1,350 and the 100 hourly simple moving average.
On the upside, the price is facing resistance near the $1,320 level and the 100 hourly simple moving average. It is near the 61.8% Fib retracement level of the recent decline from the $1,348 swing high to $1,269 low.
The next major resistance is near $1,350 level. There is also a major bearish trend line forming with resistance near $1,350 on the hourly chart of ETH/USD. A clear break above $1,350 might start a decent increase towards the $1,400 level.
Source: ETHUSD on TradingView.com
The 1.236 Fib extension level of the recent decline from the $1,348 swing high to $1,269 low. Any more gains may perhaps open the doors for a move towards the $1,500 resistance.
Fresh Decline in ETH?
If ethereum fails to recover above the $1,350 resistance, it could start a fresh decline. An initial support on the downside is near the $1,288.
The next major support is near the $1,270 level. A downside break below the $1,270 level might send the price towards the $1,220 support in the near term. Any more losses could increase selling and the price might drop to $1,150.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now just below the 50 level.
Major Support Level – $1,270
Major Resistance Level – $1,350
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Image and article originally from www.newsbtc.com. Read the original article here.