Ethereum recently tested the $1,265 support. The price has a chance to jump to higher levels, but this upward movement will first face resistances at $1,300 and $1,310.
To Report BTC News, in the middle of yesterday, the bearish momentum in the Ethereum market increased and the price below $1,300 started a new bearish wave. Further, the support of $1,280 was broken.
This downward movement was ended with the support of buyers in the range of $1,265 and since then the price has been correcting the previous day’s losses. The first corrective wave pushed the price above $1,280 and the 23.6% Fibonacci retracement level. In this analysis, Fibonacci levels are set based on the downward movement of the price from $1,337 to the bottom of $1,268.
The price continues to fluctuate below $1,300 and the 100-hour simple moving average (MA 100 – blue line in the image) and the closest resistance facing buyers is the $1,295 level. The next key resistance will be $1,300 and the 50% Fibonacci retracement level is located in the same area. A break through the $1,300 resistance could take Ethereum to the next target at $1,320.
Breaking the $1,320 resistance will also pave the way for Ethereum to jump to the $1,350 and $1,400 resistances.
Conversely, if Ethereum fails to break through the $1,300 resistance, the closest support would be the $1,270 level. The next key support is $1,265, and a break there could take Ethereum down to the $1,200 support.
The MACD is losing its momentum in the bearish range and the Relative Strength Index (RSI) is above the middle axis at the 50 level.
As mentioned, $1,265 is Ethereum’s key support, and $1,300 is acting as resistance for the price.