Ethereum jumped and tested the $1,350 resistance against the US Dollar. ETH corrected lower, but the bulls are active near the $1280 support.
Ethereum was able to break above the resistance levels of $1,300 and $1,320. The price is now trading near $1,290 and the 100 hourly simple moving average. There is a key uptrend line forming with support near $1,285 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a new rally unless there is a clear move below the $1280 support.
Ethereum Price Surpasses $1,350
Ethereum price gained pace for a steady move above the $1300 resistance zone. ETH even broke above the $1,320 level and settled well above the 100 hourly simple moving average.
However, the bears were active near the $1350 zone. There were two attempts to clear the $1,350 resistance, but the bulls failed. As a result, there was a bearish reaction from $1,350, similar to bitcoin. The ether price fell below the $1320 and $1300 levels.
There was a clear move below the 50% Fibonacci retracement level of the move up from the $1,240 low to $1,350 high. The price is now trading near $1,290 and the 100 hourly simple moving average.
There is also a key bullish trend line forming with support near $1,285 on the hourly chart of ETH/USD. The pair appears to be stable above the 61.8% Fibonacci retracement level of the up move from the $1240 low to $1350 high.
Source: ETHUSD on TradingView.com
An immediate resistance to the upside is near the $1300 level. The first major resistance is near the $1318 and $1320 levels. A close above the $1320 resistance could start a new rally. The next big resistance could be at $1,350. More gains could send the price towards the $1,400 resistance zone.
More losses in ETH?
If ethereum fails to break above the $1,320 resistance, it could continue lower. Initial support on the downside is near the $1285 level and the trend line.
The next major support is near the $1280 level, below which the price could gain bearish momentum towards the $1240 support. Further losses could push the price towards the $1,200 support.
Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level: $1,280
Highest Resistance Level: $1,320
This post Ethereum Price Resiliency Gives Us Pause, But Not Out of the Woods Yet
was published first on https://newsbtc.com/analysis/eth/ethereum-price-resilience-pause-1350/