Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
Ethereum started a consolidation phase above the $1,300 level against the US Dollar. ETH could start a fresh increase if there is a clear move above $1,350.
- Ethereum recovered above $1,300 and started a consolidation phase.
- The price is now trading above $1,310 and the 100 hourly simple moving average.
- There is a key declining channel forming with resistance near $1,340 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh increase if there is a clear move above the $1,350 resistance zone.
Ethereum Price Eyes Upside Break
Ethereum started a steady recovery wave above the $1,300 resistance zone. The bulls were active above the $1,300 level and ETH settled into a short-term positive zone.
There was a clear move above the 50% Fib retracement level of the key decline from the $1,400 swing high to $1,252 low. Ether price even spiked above the $1,340 resistance, but upsides were limited. It is now trading above $1,310 and the 100 hourly simple moving average.
There is also a key declining channel forming with resistance near $1,340 on the hourly chart of ETH/USD. On the upside, the price is facing resistance near the $1,340 and $1,350 levels.
The next major resistance is near $1,364 level. It is near the 76.4% Fib retracement level of the key decline from the $1,400 swing high to $1,252 low. A clear break above $1,364 might start a decent increase towards the $1,400 level.
Source: ETHUSD on TradingView.com
Any more gains may perhaps open the doors for a move towards the $1,450 resistance zone, above which the price could surge to $1,500.
Fresh Decline in ETH?
If ethereum fails to climb above the $1,340 resistance, it could start a fresh decline. An initial support on the downside is near the $1,310 level.
The next major support is near the $1,290 level and the channel lower trend line. A downside break below the $1,290 level might send the price towards the $1,265 support in the near term. Any more losses could increase selling and the price might drop to $1,250 or even towards $1,220.
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 above the 50 level.
Major Support Level – $1,290
Major Resistance Level – $1,350
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.