ETH struggles at the $1375 level, as it gained pace above $1300 against the US dollar. Its price is slowly approaching major support and could bounce back above $1350 but will it be able to shoot higher? Let’s find out more in our latest Ethereum news.
The price is now approaching the $1300 support zone and the 100 hourly simple moving average with a key bullish trend line forming at the support of $1305 on the hourly charts of the ETH/USD pair. The pair could test the $1292 before it starts a fresh increase to the $1350 and the $1375 in the near-term. After trading to a new low of $1207, ETH started a fresh increase, and its price traded above $1250 and $1265 resistance levels to enter the positive zone. There was also a clear break above the $1300 resistance and the 100 hourly simple moving average but the price even then cleared a major bearish trend line at $1300 on the hourly charts. Shortly after, there was a push above the $1350 level but ETH failed to clear the $1375 resistance.
ETH struggles at $1375 where a new high was formed only to $1376 with the price correcting lower. It then broke the 23.6% fib retracement level from the recent wave of the $1207 swing low to the $1376 high. The price is approaching the $1300 support and the 100 hourly simple moving average with a key bullish trend line forming with support of $1305 on the hourly charts of the pair and another support nearing the $1292 level. The 50% fib retracement level from the recent wave at $1207 swing low to the $1376 high is at $1292 to prove stronger support. More losses could clear the path for another push at the $1250 support zone.
If ETH stays above the $1292 support zone, it could start a fresh increase with resistance on the upside nearing the $1325 level and a major resistance set at the $1350 level. The main resistance is still close to the $1375 level above which the price could test $1400 with more gains likely to open the doors for a run at $1500 in the near-term. The MACD for the pair is gaining pace in the bearish zone while the hourly RSI for the pair is below the 50 level. As recently reported, The ETH/USD pair could start a strong increase if Ethereum’s close above $1300 happens. There was some downside extension in ETH below the $1250 support levels when the price traded below the $1220 support level and then settled below the 100 hourly simple average.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]
Credit: Source link