Ethereum’s ETH is struggling to clear $1,400. It must stay above $1,200 to stay in a positive zone and start a major increase.
Ethereum (ETH) Price Remains Supported
This past week, ethereum saw a sharp spike below the $1,250 support zone against the US Dollar, similar to bitcoin and ripple. However, the ETH/USD pair remained stable near the $1,200 zone.
The price traded as low as $1,190 and recovered higher. There was a move above the $1,240 and $1,250 resistance levels, but it remained well below the 50-day simple moving average (blue). It seems like ether price started a consolidation phase above the $1,250 level.
Etheruem’s daily price chart | Source: ETHUSD on TradingView.com
It tested the 23.6% Fib retracement level of the main decline from the $1,789 swing high to $1,190 low. On the upside, an immediate resistance is near the $1,330 level.
The first major resistance is near the $1,360 level and a connecting bearish trend line on the daily chart. The next major resistance is near the $1,400 zone and the 50-day simple moving average (blue). The main resistance is now forming near the $1,450 level.
There is also a major bearish trend line with resistance at $1,450 on the daily chart. A clear move above the trend line resistance might start a move towards the 50% Fib retracement level of the main decline from the $1,789 swing high to $1,190 low.
Any more gains might open the doors for a move towards the $1,650 resistance. If there is no upside break above the $1,360 and $1,400 resistance levels, there could be a fresh decline.
The first major support is near the $1,200 level. The next major support is near the $1,200 zone. A close below the $1,200 level might push the price further into a bearish zone. In the stated case, the price may perhaps decline towards the $1,000 level.
Overall, ether price is still trading above a crucial support at $1,200. If the bulls fail to protect the $1,250 and $1,200 support levels, there is a risk of a major decline. Conversely, there might be a fresh increase above $1,360 and $1,400 in the coming days.
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