Ethereum started a consolidation phase above the $1,300 level against the US Dollar. ETH could start a fresh increase if there is a clear move above $1,350.
- Ethereum recovered above $1,300 and started a consolidation phase.
- The price is now trading above $1,310 and the 100 hourly simple moving average.
- There is a key declining channel forming with resistance near $1,340 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh increase if there is a clear move above the $1,350 resistance zone.
Ethereum Price Eyes Upside Break
Ethereum started a steady recovery wave above the $1,300 resistance zone. The bulls were active above the $1,300 level and ETH settled into a short-term positive zone.
There was a clear move above the 50% Fib retracement level of the key decline from the $1,400 swing high to $1,252 low. Ether price even spiked above the $1,340 resistance, but upsides were limited. It is now trading above $1,310 and the 100 hourly simple moving average.
Fresh Decline in ETH?
If ethereum fails to climb above the $1,340 resistance, it could start a fresh decline. An initial support on the downside is near the $1,310 level.Hourly MACD – The MACD for ETH/USD is now losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now just above the 50 level.
Major Support Level – $1,290 Major Resistance Level – $1,350