Ethereum to Rebound $1,265 Support – Quick Technical Outlook
Ethereum tested the critical $1,265 support level against the US dollar. ETH may correct higher, but the upside may encounter resistance at $1,300 and $1,310. ETHEREUM continued to fall and dropped below the $1,300 support level. ETH fell below $1,280 and settled below the 100 hourly simple moving average.
Although there was a slight push below yesterday’s low, the bulls were active near the $1,265 level. The price has now corrected higher after forming a low near $1,268. A short-term wave occurred above the $1,280 mark. The price of ether was able to break through the 23.6% Fib retracement level of the latest dip from the $1,337 swing high to the $1,268 low.
Furthermore, on the hourly chart of ETH/USD, there was a break above a connecting negative trend line with resistance above $1,285. It trades under $1,300 and below the 100 hourly simple moving average.
The $1,295 level is immediate upward resistance. The first substantial resistance is located near $1,300. It is close to the 50% Fib retracement level of the latest collapse from the swing high of $1,337 to the low of $1,268. If the price of Ethereum rises above the $1,300 barrier zone, it may reach the $1,320 resistance.
A decisive break above $1,320 might propel the price much higher. The next significant resistance level could be near $1,350, after which the price could return to $1,400.
Ethereum (ETH/USD) Technical Outlook
If Ethereum fails to break through the $1,300 barrier, it may continue to fall. On the downside, an initial support level is near $1,270. The next significant support level is $1,265.
A breach below $1,265 on the downside might trigger a severe drop. In the scenario above, the price of ether may fall to around $1,200.
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