Ethereum managed to break the $1,300 resistance and even tested the $1,350 level, but now it is correcting and its trading volume is decreasing.
According to Wallex and quoted by NewsBTC, the price of Ethereum started its upward trend from the level of $1,280. The process of price increase accelerated and Ether managed to completely overcome the $1,300 resistance like Bitcoin.
Ethereum price crossed the level of $1,320 and recorded its first annual peak in the new year at $1,343. However, during the process of price increase, the volume of transactions was decreasing, as a result, the price retreat below 1325 dollars can be expected.
The price of this currency fell below the level of 23.6% Fibonacci retracement indicator (drawn from the floor of $1,262 to the ceiling of $1,343). However, Ethereum is still trading above the key $1,300 level and the 100 hourly simple moving average.
Additionally, an uptrend line is forming with support near the $1,292 area on Ethereum’s hourly chart. The closest resistance to the current price is at the level of $1,330. The next key resistance is located near $1,350 and breaking it could lead to a significant upside move to $1,400 and beyond.
On the other hand, Ethereum analysis shows that the first support level is at $1,330. If this level falls, the next barrier is at $1,305.
The next key support is at $1,292, which is near the 61.8% Fibonacci retracement level. Breaking this barrier can push the price to close to $1,280 or even $1,250.
Ethereum’s one-hour MACD indicator is now losing its bullish momentum, and the RSI indicator is above the 50 level.
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