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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.
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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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