TA: Ethereum Lacks Momentum Above $1,350, Why ETH Could Correct To $1,180

Ethereum is facing resistance near the $1,350 level against the US Dollar. ETH price could continue to move lower towards $1,200 or $1,180 unless it settles above $1,350.

Ethereum is struggling to gain momentum above $1,350 and $1,375. The price is now trading well below $1,350 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $1,360 on the hourly chart of ETH/USD (data feed via Kraken). The pair could extend its decline towards the $1,200 support as long as it is below $1,375. Ethereum Price is Showing Bearish Signs

After testing the $1,250 support zone, Ethereum started a fresh increase. ETH broke the $1,300 and $1,320 resistance levels. It even broke the $1,350 level and the 100 hourly simple moving average.

However, the bulls failed to keep the price above $1,350. A high was formed near $1,375 and the price is currently declining. There was a break below the $1,350 support level. Ether is now trading well below $1,350 and the 100 hourly simple moving average.

It is testing the 50% Fib retracement level of the upward move from the $1,246 low to $1,375 high. It seems like there is a key bearish trend line forming with resistance near $1,360 on the hourly chart of ETH/USD.

Ethereum

Source: ETHUSD on TradingView.com

On the downside, an immediate support is near

Keep reading this article on Newsbtc.com.

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