Ethereum gained pace and broke the $1,320 resistance against the US Dollar. ETH is showing positive signs and might surge above the $1,400 resistance. Ethereum started a steady increase above the $1,320 and $1,330 levels. The price is now trading above $1,300 and the 100 hourly simple moving average. There is a major bullish trend line forming with support near $1,320 on the hourly chart of ETH/USD (data feed via Kraken). The pair could rally before bitcoin if it stays above the $1,300 pivot zone. Ethereum Price Gains Strength Ethereum remained well bid above the $1,265 level and started a steady increase. ETH was able to clear the $1,290 and $1,300 levels to move into a positive zone. The price gained nearly 5% and there was a break above the $1,320 resistance zone. Ether price even climbed above the $1,350 level and settled above the 100 hourly simple moving average. It traded as high as $1,370 and recently started a downside correction. The price is now moving lower towards the $1,340 zone. It is close to the 23.6% Fib retracement level of the upward move from the $1,252 swing low to $1,370 high. There is also a major bullish trend line forming with support near $1,320 on the hourly chart of ETH/USD. Source: ETHUSD on TradingView.com An immediate resistance on the upside is near the $1,370 level. The first major resistance is near the $1,390 and $1,400 levels. A clear upside break above the $1,400 resistance zone could open the doors for a strong increase. In the stated case, the price might rise towards the $1,500 level. Dips Limited in ETH? If ethereum fails to climb above the $1,400 resistance, it could start a downside correction. An initial support on the downside is near the $1,340 level. The next major support is near the $1,320 level and the trend line. The main support is near $1,300. It is near the 50% Fib retracement level of the upward move from the $1,252 swing low to $1,370 high. A downside break below the $1,300 zone might start a fresh decline to $1,265 in the near term. Technical Indicators Hourly MACD – The MACD for ETH/USD is now losing momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now above the 50 level. Major Support Level – $1,320 Major Resistance Level – $1,370
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Charts show the Bitcoin price seems to be falling below the 600-day moving average, a sign that could be bearish for the crypto. Bitcoin Begins To Lose 600-Day MA Support Line As Price Crashes Below $39k Again As pointed out by an analyst in a CryptoQuant post, the price of the crypto is crossing below the 600-day MA curve now, a line that has served as support for BTC in the past. A “moving average” (or MA in short) is an analytical tool that takes the average of any quantity over a particular time period. As the name already suggests, this average constantly updates itself as time passes and new values arrive. What this tool does is that it removes any short-term fluctuations from the chart being studied (which is the Bitcoin price in this context), and smooths out the curve. This makes moving averages quite useful for studying long-term trends, where local variations aren’t that important. Related Reading | Is Bitcoin Gonna See Another Big Drop Soon? Historical Trend May Say Yes MAs can be taken over any possible range, whether that be two days, two hundred days, or even only two minutes. Now, here is a chart that shows the trend in the 600-day MA version of the Bitcoin price: Looks like the price curve is dipping below the 600-day MA line now | Source: CryptoQuant As you can see in the above graph, the Bitcoin 600-day MA curve has acted as support for the coin’s price many times in the year so far already. However, the latest trend seems to suggest that this support line is now breaking down as the price line is crossing below the MA on the daily timeframe. Related Reading | Time Vs Price: Why This Bitcoin Correction Was The Most Painful Yet Though, the breakdown may not be yet fully confirmed. The quant in the post believes that if the breakdown fails here, Bitcoin may then use the level as a springboard to push higher. In the case that the breakdown does stand, then a bearish outcome may perhaps be in store for the cryptocurrency. BTC Price At the time of writing, Bitcoin’s price floats around $38.8k, down 1% in the last seven days. Over the past month, the crypto has lost 12% in value. The below chart shows the trend in the price of the coin over the last five days. Looks like the price of the coin has plunged down over the last few days | Source: BTCUSD on TradingView Bitcoin briefly seemed to have been on the path of recovery just a few days back as the coin broke above the $42k mark. However, the cryptocurrency now seems to have plummeted down again as it once more revisits the sub-39k levels. Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com