Ethereum Price Could Restart Increase If This Key Support Plays Well  

Key Takeaways:

  • Ether price started a downside correction from the $1,310 zone.
  • ETH/USD declined below a crucial bullish trend line with support at $1,250 on the 4-hours chart.
  • The price might decline towards the main support at $1,180 or $1,160 in the coming sessions.
Ethereum Price (ETH) Corrects Lower
Ethereum Price (ETH) Corrects Lower | Photo by DrawKit Illustrations on Unsplash

New Delhi(Coinchapter): Ethereum’s ETH is correcting gains from $1,310. The price must stay above $1,160 to start a fresh increase in the near term.

Ethereum Price (ETH) Corrects Lower

This past week, ethereum and bitcoin saw a decent increase against the US Dollar. The ETH/USD pair was able to surpass the $1,200 and $1,240 resistance levels to move into a short-term positive zone.

The price even climbed above the $1,280 level and the 50 simple moving average (4-hours, blue). Finally, there was a spike above the $1,300 level. However, the bears were active near the $1,310 resistance zone.

ETH price 4-hour chart
Etheruem price 4-hours price chart | Source: ETH/USD on TradingView.com

The bulls made two attempts to surpass $1,310, but they failed. The last swing high was near $1,310 before ether price started a downside correction.

The price declined below the 23.6% Fib retracement level of the upward move from the $1,075 swing low to $1,310 high. Besides, there was a break below a crucial bullish trend line with support at $1,250 on the 4-hours chart.

Ether price is now trading below $1,240 and the 50 simple moving average (4-hours, blue). An immediate resistance is near the $1,255 level.

The first major resistance is near the $1,270 level and the 50 simple moving average (4-hours, blue). A clear move above the $1,270 resistance level might send the price towards the $1,310 resistance. The next major resistance is near the $1,345 level. Any more gains might open the doors for a move towards the $1,450 resistance.

Will There Be More Downsides?

If there is no upside break above the $1,270 resistance, the price might continue to move down. An immediate support on the downside sits near the $1,192 level.

The 50% Fib retracement level of the upward move from the $1,075 swing low to $1,310 high is also near the $1,192 level. The main support sits near the $1,165 level. A close below the $1,165 level might send the price towards the $1,075 support. Any more losses below $1,075 could lead the price towards the $1,000 zone.

Overall, ether price is correcting gains below the $1,250 level. If ETH fails to stay above the $1,165 support zone, it could start a major decline towards $1,100. Conversely, the price might start another increase and this time it could even clear $1,310.

close
ethereum, Ethereum Price Could Restart Increase If This Key Support Plays Well  

Subscribe Today
for our Weekly Newsletter

Free Weekly Crypto News without the spam.

Related Articles

Our Partners

SwapCoin.com RapidCoin.com ChangeNOW.com Paybis.com WestcoastNFT.com