- Ethereum has yet to break through the $1,300 resistance level against the US dollar. ETH is falling and may soon test the $1,220 support level.
- Ethereum made another attempt to break above $1,300 but failed. The price is currently trading below $1,280 as well as the 100 hourly simple moving average.
- ETH could fall even further, but the $1,220 support is critical.
The Ethereum price made another attempt to break through the $1,300 resistance level. However, ETH has struggled to gain traction above $1,300. Similar to bitcoin, a high was formed near $1,304, and the price began a downward correction.
The price fell below the $1,280 support level as well as the 100 hourly simple moving average. Furthermore, on the hourly chart of ETH/USD, there was a break below a key bullish trend line with support near $1,272.
The price of ether has dropped to as low as $1,248 and is currently consolidating losses. Above $1,260, there was a minor increase. The price has risen above the 23.6% Fib retracement level of the recent drop from the $1,304 swing high to the $1,248 low.
On the upside, there is immediate resistance near the $1,270 level and the 100 hourly simple moving average. The first major resistance is located near $1,275. It is close to the 50% Fib retracement level of the recent drop from the $1,304 swing high to the $1,248 low.
A close above the $1,275 resistance level could send the price even higher. The next major resistance is near $1,300, above which the price of ether may test $1,320. Any further gains could push the price up to the $1,400 resistance level.
The retest of ETH’s Key Support?
If ethereum fails to break through the $1,275 resistance level, it may continue to fall. On the downside, an initial support level is near $1,250.
The next major support is around $1,220. If the price falls below $1,220, it may test the $1,165 support. Any further losses could push the price down to the $1,100 support.