Ethereum is struggling below the $1,350 zone against the US Dollar. ETH could start a major increase if it clears the $1,350 and $1,400 resistance levels.
- Ethereum is stable above the $1,260 and $1,250 support levels.
- The price is now trading below $1,350 and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance near $1,350 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a steady increase if it clears the key $1,400 resistance zone.
Ethereum Price Faces Hurdles
Ethereum dropped from the $1,350 resistance zone. However, ETH remained stable above the $1,250 support zone. The price traded as low as $1,269 and is currently consolidating losses.
Ether is slowly moving higher above the $1,300 level. It is testing the 50% Fib retracement level of the recent decline from the $1,348 swing high to $1,269 low. The price is now trading below $1,350 and the 100 hourly simple moving average.
On the upside, the price is facing resistance near the $1,320 level and the 100 hourly simple moving…