Ethereum Lacks Strong Momentum Above $1350 Against The USD

Ethereum lacks strong momentum above the $1350 level against the US dollar which is why it could correct to $1180 as we can see in our latest Ethereum news today.

Ethereum struggles to gain momentum above $1350 and $1375 with the price trading below these levels and the 100 hourly simple moving average. There’s a key bearish trend line that forms with the resistance at $1360 on the hourly charts of the pair which is why it could extend its decline towards $1200 as long as it is below $1375. After testing the $1250 support zone, ETH started a fresh increase and broke the $1300 and the $1320 resistance levels. It even managed to break the $1350 level and the 100 hourly simple moving average but the bulls failed to keep the price above $1350. Soon after, a new high was formed and the price started declining. There was a break above the 50 support level and now ETH is trying to remain above it and the 100 hourly simple moving average.
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Ethereum lacks strong momentum above $1350 which is why it is testing the 50% fib retracement level from the upward move at $1246 low to $1375 high. It now seems that there’s a key bearish trend line forming with the resistance at $1360 on the hourly chart of the pair. On the downside, the immediate support is close to the $1295 level and it coincides with the 61.8% fib retracement level from the upwards move at the $1246 low to the $1375 high. The next major support level is set at $1250 below which the coin could move lower towards the $1200 support zone or $1180.

If ETH stays above the $1295 support zone, there are even more chances of an upside break above the 100 hourly simple moving average. The first major resistance is close to the $1350 trend line. The close above this trendline could open the doors for a fresh increase with a major resistance nearing the $1375 level above which the price could climb above to the $1450 level. There’s still one more hurdle on the upside near $1500. The hourly MACD for the pair is slowly gaining pace in the bearish zone and the hourly RSI if well below the 50 level. The major support level is set at $1295 while the major resistance level is set at $1350.