Ethereum struggled clearing the $1400 resistance level and dropped to $1275 against the US dollar. The price is now having a hard time but could recover once there’s a clear break of the $1350 levels so let’s read more in our latest ETH news.
The price is trading below the $1350 level and the 100 hourly simple moving average. There’s also a key bearish trend line forming with the resistance at $1345 on the hourly charts of the pair that could start increasing again if it manages to clear the $1350 resistance zone in the near-term. After the failed attempt of $1400, ETH started a new bearish wave and its price topped a high of $1375 before dropping by $100. There was a break below the $1350 support as well and the 100 hourly simple moving average.
The bulls were able to protect these levels so a new low was formed near the $1274 level and the price is correcting higher. ETH is testing the $1320 resistance level with a close to 50% fib retracement level at the decline from the $1375 high to the $1274 low. Ethereum struggled to clear the $1400 resistance so now the first major one is set at $1340 but there’s also a key bearish trend line forming with the resistance of $1345 on the hourly charts of the pair. The trend line is close to the 61.8% fib retracement level of the recent drop from the $1375 high to $1274 low.
The 100 hourly SMA is close to $1340 and acts as a hurdle so breaking above it could open the doors for a bigger increase in the next sessions. In the stated case, there are more chances of a break above the $1400 resistance level. If ETH fails to clear the $1340 zone and the trendline resistance level there’s a chance of a fresh decline with a support on the downside nearing the $1300 level. The first major support is near the $1275 zone so if the price fails to stay above it, there’s a risk of dropping further. The MACD for the pair is gaining pace in the bullish zone while the hourly RSI for the pair is approaching the 50 levels.
As reported earlier, Grayscale reopens its ETH trust for private investors. The ETH trust holds about $4 billion and it now welcomes a group of other private investors that will invest their money in crypto. The company will then charge 2% and sells shares in the Trust on public trading desks.
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