Ethereum: Below $1,350 Support, but Could See Steady Increase
Ethereum fell below the $1,350 support level against the US Dollar. ETH could start to see a steady increase if it can move past the $1,350 resistance level.
Ethereum's recent decline below the $1,350 support level has investors worried that the digital currency may not be able to mount a recovery. However, ETH could start a steady increase if there is a clear breakout above the $1,350 resistance. This would provide a much needed boost for the digital currency and could help it regain some of its lost value.
- Ethereum's recent price decline may be indicative of a wider trend of weakness in the cryptocurrency market. If Ethereum cannot recover and begin to climb back up soon, it could spell trouble for the rest of the market.
- The price of gold has fallen below $1,350, and it appears that the 100-hour moving average may act as resistance. Gold prices have been under pressure recently as the US dollar has strengthened.
- The recent breakout above a major bearish trend line on the ETH/USD hourly chart is a positive development that could pave the way for further gains in the near-term.
- Our vision is that the pair will remain above the $1,300 level, avoiding a major decline in the near term.
Ethereum Price Holds Key Support, Could See Further Gains
Ethereum's recent price decline has been disappointing for investors who had hoped for a breakout above $1,400. However, the cryptocurrency remains well above its lows from earlier this month and still has a chance to resume its uptrend in the days ahead. For now, Ethereum appears to be consolidating in a narrow range below $1,400.
It seems that the bears are finally losing their grip on the market, as Ethereum price has started to move higher after a period of consolidation. The $1,360 and $1,350 support levels proved to be strong enough to hold the price, and now it looks like Ether is ready to move higher once again. The next major resistance levels to watch out for are $1,330 and $1,340.
The recent break above the bearish trend line and Fibonacci retracement level suggests that ETH/USD may be poised for further gains in the near-term. If the bulls can sustain the momentum, the next key resistance levels to watch are $1,350 and $1,385. On the downside, support levels are located at $1,305 and $1,270.
It seems that the price of gold is facing some resistance near the $1,330 level and the 100 hourly simple moving average. On the upside, there are some hurdles near $1,325 and $1,330. The first major resistance is seen near the $1,350 level. This could be a good level to watch for a potential breakout.
The long-term outlook for Ethereum remains bullish despite the recent pullback in price. The key support levels to watch are $2,000 and $1,800. If these levels hold, we could see Ethereum resume its uptrend and target the $2,500 level.
The Fibonacci retracement level of 50% from the high of $1,385 to the low of $1,305 is also near the key $1,350 level. A clear break and close above this level could open up further upside potential towards the next major resistance level near $1,385. Above this, the price could gain some bullish momentum.
Downside Break in ETH?
Ethereum prices have been on a rollercoaster ride in recent weeks, and if the digital currency doesn't climb above the $1,350 resistance level soon, it could continue to move down. An initial support level on the downside is near the $1,315 level.
The next major support for the price of gold is near the $1,305 level. A downside break below this level could send the price towards the $1,250 support. Any further losses could send the price towards $1,220.
There are a number of technical indicators that can be used to gauge the health of a market.
The MACD for ETH/USD is now losing momentum in the bearish zone. This could mean that the market is ready for a rebound.
The RSI for ETH/USD is now close to the 50 level. This suggests that the bulls and bears are evenly matched and that the price could move in either direction in the short-term.
The major support level for gold remains at $1,305 per ounce. This level has been tested several times in recent months and has held firm.
It is clear that the major resistance level for gold is $1,350. This is a significant level that the market will be watching closely.
