Ethereum Price Needs to Clear $1,400 to Expect a New Rally

  • Ethereum remained stable above the $1,260 and $1,250 support levels.
  • The price is now trading below $1,350 and the 100 hourly simple moving average.
  • There is a major bearish trend line forming with resistance near $1,350 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a steady rise if it clears the key $1,400 resistance area.

Ethereum Price Facing Hurdles

Ethereum declined below the $1,350 resistance area. However, ETH held steady above the $1,250 support area. The price traded as low as $1,269 and it is currently consolidating losses. Ether is gaining momentum above the $1,300 level. It is testing the 50% Fib retracement level of the recent decline from the $1,348 high to $1,269 low.

The price is now trading below $1,350 and the 100 hourly simple moving average. On the upside, the price is facing resistance near the $1,320 level and the 100 hourly simple moving average. It is near the 61.8% Fib retracement level of the recent decline from the $1,348 high to $1,269 low. The next major resistance is near the $1,350 level.

There is also a major bearish trend line forming with resistance near $1,350 on the hourly chart of ETH/USD. A clear break above $1,350 could start a decent rise towards the $1,400 level.

Latest drop in ETH?

If Ethereum fails to recover above the $1,350 resistance, it could start a fresh decline. An initial support on the downside is near the $1,288. The next major support is near the $1,270 level. A downside break below the $1,270 level might send the price towards the $1,220 support in the near term. Any more losses could increase selling and the price might drop to $1,150.