Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Ethereum faced a strong rejection near $1,300 against the US Dollar. ETH is declining, but there is a major support waiting near $1,240 and $1,220.
- Ethereum struggled to clear the $1,295 and $1,300 resistance levels.
- The price is now trading below $1,260 and the 100 hourly simple moving average.
- There was a break below a key contracting triangle with support at $1,270 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is now approaching a major support at $1,240 and $1,220.
Ethereum Price Remains Supported
Ethereum price attempted a decent increase above the $1,260 level. ETH climbed above the $1,280 level, but it faced a strong rejection near the $1,300 level.
As a result, the price started a fresh decline from the $1,292 high, similar to bitcoin. There was a clear move below the $1,270 and $1,260 support levels. Ether price declined below the 50% Fib retracement level of the upward move from the $1,219 swing low to $1,292 high.
Besides, there was a break below a key contracting triangle with support at $1,270 on the hourly chart of ETH/USD. The pair is now trading below $1,260 and the 100 hourly simple moving average.
It is approaching the $1,240 support zone. It is near the 76.4% Fib retracement level of the upward move from the $1,219 swing low to $1,292 high. An immediate resistance on the upside is near the $1,255 level. The first major resistance is near the $1,265 zone and the 100 hourly simple moving average.
A close above the $1,265 resistance might send the price towards the $1,300 resistance zone, above which ether price could gain bullish momentum. The next major resistance could be $1,340. Any more gains might send the price towards the $1,400 resistance zone.
More Losses in ETH?
If ethereum fails to climb above the $1,265 resistance, it could continue to move down. An initial support on the downside is near the $1,240 level.
The next major support is near the $1,220 level. If there is a break and close below $1,220, the price could revisit the $1,200 support. Any more losses could lead the price towards the $1,165 support.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now in the oversold zone.
Major Support Level – $1,220
Major Resistance Level – $1,265
