The USD was strongly rejected by Ethereum, with a rejection of $1,300. ETH is falling, but there is major support at $1,240 and $1.220.
- Ethereum failed to overcome the $1,295 resistance and $1,300 resistance.
- The price is currently trading below $1260, and the 100-hourly simple moving average.
- The hourly chart of ETH/USD showed a break below the key contracting triangle, with support at $1270 (data feed via Kraken).
- The pair is close to a major support of $1,240 and $1.220.
Ethereum Price Supported
The Ethereum price attempted to rise above $1,260. Although Ethereum price climbed above $1,280, it was rejected at the $1,300 level.
According to bitcoin, this resulted in a new decline in the price from its $1,292 high. Clear movement below the $1.270 and $1.260 support levels was evident. The 50% Fib Retracement level of the upward swing from $1,219 to $1.292 low was reached by Ether.
A break below the key contracting triangle was also observed with support at $1270 on the hourly chart for ETH/USD. The pair trades below $1,260 as well as the 100 hourly simple average.
It is near the $1,240 support level. It is close to the 76.4% Fib Retracement level of the upward movement from the $1,219 swing high to $1,292 low. The $1,255 level is the immediate resistance to the upside. The $1,265 level and the 100 hourly simple moving mean are the first major resistances.
Source: ETHUSD on TradingView.com
A close above $1,265 could send the price towards $1,300 resistance. If this happens, the price may gain bullish momentum. The next major resistance is likely to be $1,340. If the price gains further, it could reach the $1,400 resistance zone.
What Are the Losses of ETH?
It could fall further if it fails to rise above the $1,265 resistance. Initial support for the downside is at the $1,240 level.
The $1,220 level is the next major support. The $1,200 support could be reopened if there is a break below $1,220. Price could fall further towards $1,165 if it suffers more losses.
Hourly MACD – The MACD for USD/ETH is currently gaining momentum in a bearish zone.
Hourly RSI – The RSI of ETH/USD is currently in the oversold area.
Major Support Level – $1,220
Major Resistance Level – $1,265