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Ethereum’s failure to cross the $1,350 resistance, how far does the downward trend continue?

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Ethereum’s failure to cross the $1,350 resistance, how far does the downward trend continue? – Digital currency

While the price of Ethereum has been hovering around $1,300 against the USD for over a month, it is now slowly falling below that level. Some analysts believe that if Ethereum stays below the $1,400 level for a long period of time, it is likely to be exposed to a sharp price drop.

To Report NewsBTC, Ethereum tried to break through the $1,350 resistance, like Bitcoin, to start a new uptrend. However, this attempt was not successful.

Ethereum price was able to trade above the $1,340 range, but then started a new downtrend and finally moved below the $1,320 support zone. Additionally, the price on the hourly chart of the Ethereum/USD pair dropped below the uptrend line, which was near the $1,320 support area. The price even fell below the 50% retracement Fibonacci level in the upward trend from the low of $1,262 to the high of $1,340.

Ethereum is now trading just above $1,290 and below its 100 hourly simple moving average. The first small resistance in the uptrend is near the $1,290 level, at the point where it connects to the downtrend line

Hourly Ethereum/USD price chart
Hourly Ethereum/USD price chart

However, the main resistance will be near the $1,300 level and the 100 hourly simple moving average. A break through the $1,300 resistance could pave the way for a move towards $1,320. However, the major resistance is still near the $1,350 range, crossing which could accelerate the price trend.

How far will the price of Ethereum fall?

If Ethereum cannot stabilize its price above the $1,300 resistance, it will continue its downward trend. In this situation, the first support level will be the $1,265 range.

The next major support is near the $1,240 level or the 1.236 Fibonacci extension level in the uptrend from the $1,262 low to the $1,340 high. The price drop below the $1,240 area may continue with a further decline to $1,220. Any further decline may also open the floodgates for a move towards the $1,200 support.

Technical indicators

  • Hourly MACD Indicator: Ethereum/USD MACD is now gaining momentum in the bearish zone.
  • Hourly RSI Indicator: Ethereum/USD RSI is now below the 50 level.
  • Key support level: $1,265
  • Major resistance level: $1,300
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