{"id":455249,"date":"2021-01-26T05:18:14","date_gmt":"2021-01-26T05:18:14","guid":{"rendered":"https:\/\/wncen.com\/?p=455249"},"modified":"2024-06-11T14:12:57","modified_gmt":"2024-06-11T14:12:57","slug":"ethereum-eth-could-find-strong-support-near-1275","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum\/ethereum-eth-could-find-strong-support-near-1275\/","title":{"rendered":"TA: Ethereum Trims Gains, Why ETH Could Find Strong Support Near $1,275"},"content":{"rendered":"
Ethereum started a downside correction after trading to a new all-time high at $1,480 against the US Dollar. ETH price is currently approaching the $1,300 and $1,275 support levels.<\/em><\/p>\n After a strong increase above $1,400, Ethereum failed to test the $1,500 resistance zone. A new all-time high<\/a> was formed near $1,480 before the price started a fresh decline.<\/p>\n There was a clear break below the $1,400 and $1,380 support levels. More importantly, there was a break below a major bullish trend line with support near $1,385 on the hourly chart of ETH\/USD. The pair broke the $1,350 support level to move into a short-term bearish zone.<\/p>\n A low is formed near $1,292 and ether is currently attempting a fresh increase. It broke the 23.6% Fib retracement level of the recent decline from the $1,478 swing high to $1,292 low.<\/p>\n <\/a><\/p>\n On the upside, there is a major resistance forming near the $1,365 level. It is close to the 50% Fib retracement level of the recent decline from the $1,478 swing high to $1,292 low. There is also a connecting bearish trend line forming with resistance near $1,385.<\/p>\n Ether price is approaching a couple of important supports near $1,300 and $1,285. The main support is forming near the $1,275 level, below which there is a risk of a larger decline in the coming sessions.<\/p>\n Ethereum is currently down around 10%, and it is trading close to the 100 hourly simple moving average. To start a fresh increase, it must gain bullish momentum above the $1,365 and $1,385 resistance levels.<\/p>\n\n
Ethereum Price is Approaching a Major Support<\/h2>\n
Source: ETHUSD on TradingView.com<\/a><\/pre>\n
Dips Supported in ETH?<\/h2>\n