Ethereum is struggling below the $src,350 zone against the US Dollar. ETH could start a major increase if it clears the $src,350 and $src,400 resistance levels.
Ethereum is stable above the $src,260 and $src,250 support levels.
The price is now trading below $src,350 and the src00 hourly simple moving average.
There is a major bearish trend line forming with resistance near $src,350 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a steady increase if it clears the key $src,400 resistance zone.
Ethereum Price Faces Hurdles
Ethereum dropped from the $src,350 resistance zone. However, ETH remained stable above the $src,250 support zone. The price traded as low as $src,269 and is currently consolidating losses.
Ether is slowly moving higher above the $src,300 level. It is testing the 50% Fib retracement level of the recent decline from the $src,348 swing high to $src,269 low. The price is now trading below $src,350 and the src00 hourly simple moving average.
On the upside, the price is facing resistance near the $src,320 level and the src00 hourly simple moving average. It is near the 6src.8% Fib retracement level of the recent decline from the $src,348 swing high to $src,269 low.
The next major resistance is near $src,350 level. There is also a major bearish trend line forming with resistance near $src,350 on the hourly chart of ETH/USD. A clear break above $src,350 might start a decent increase towards the $src,400 level.
Source: ETHUSD on TradingView.com
The src.236 Fib extension level of the recent decline from the $src,348 swing high to $src,269 low. Any more gains may perhaps open the doors for a move towards the $src,500 resistance.
Fresh Decline in ETH?
If ethereum fails to recover above the $src,350 resistance, it could start a fresh decline. An initial support on the downside is near the $src,288.
The next major support is near the $src,270 level. A downside break below the $src,270 level might send the price towards the $src,220 support in the near term. Any more losses could increase selling and the price might drop to $src,src50.
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 – $src,270
Major Resistance Level – $src,350
