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    Ethereum Topside Bias Vulnerable If It Continues To Struggle Below $1.4K


    Ethereum is struggling to gain pace above $1,350 against the US Dollar. ETH must clear the $1,380 and $1,400 levels to start a steady increase.

    • Ethereum is facing an increase in selling below the $1,400 level.
    • The price is now trading below $1,400 and the 100 hourly simple moving average.
    • There is a new connecting bearish trend line forming with resistance near $1,350 on the hourly chart of ETH/USD (data feed via Kraken).
    • The pair could recover further if there is a clear move above the $1,400 resistance zone.

    Ethereum Price Recovers Slightly

    Ethereum formed a base above the $1,300 level and recently started an upside correction. ETH was able to recover above the $1,320 and $1,325 levels.

    There was a move above the $1,350 resistance. Ether price climbed above the 38.2% Fib retracement level of the downward move from the $1,475 swing high to $1,282 low. The price even spiked above the $1,375 level, but upsides were limited.

    The price failed to gain pace above the 50% Fib retracement level of the downward move from the $1,475 swing high to $1,282 low. It is now trading below $1,400 and the 100 hourly simple moving average.

    On the upside, the price is facing resistance near the $1,350 level. There is also a new connecting bearish trend line forming with resistance near $1,350 on the hourly chart of ETH/USD. The next major resistance is near $1,380 and the 100 hourly simple moving average.

    Ethereum Price

    Source: ETHUSD on TradingView.com

    The main resistance sits near the $1,400 level. A clear break above $1,400 might start a decent increase towards the $1,450 level. Any more gains may perhaps open the doors for a move towards the $1,500 resistance.

    Fresh Decline in ETH?

    If ethereum fails to rise above the $1,350 resistance and the 100 hourly simple moving average, it could start a fresh decline. An initial support on the downside is near the $1,300 zone.

    The next major support is near $1,280. A downside break below the $1,280 support might increase selling pressure. In the stated case, ether price might drop towards the $1,200 level in the near term.

    Technical Indicators

    Hourly MACDThe MACD for ETH/USD is now gaining momentum in the bearish zone.

    Hourly RSIThe RSI for ETH/USD is now below the 50 level.

    Major Support Level – $1,300

    Major Resistance Level – $1,400



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