- ETH’s price has dropped 0.29% over the last 24 hours.
- The altcoin’s price will have to overcome the resistance at $1,275.
- ETH’s price may also fall further if it is unable to overcome the $1,275 level.
The price of Ethereum (ETH) has started a downside correction from the $1,300 resistance zone. ETH traded as high as $1,304 before there was a move below the $1,275 level.
Thereafter, the altcoin’s price declined below the $1,255 support zone and the 100 hourly Standard Moving Average (SMA). However, the bulls were active above the $1,240 level. The price then formed a low near $1,241 and is currently correcting losses.
There was also a move above the 23.6% Fib retracement level of the recent drop from the $1,304 swing high to $1,241 low. An immediate resistance on the upside is near the $1,275 level and the 100 hourly SMA. This resistance is near the 50% Fib retracement level of the aforementioned price drop from the $1,304 swing high to $1,241 low.
If ETH’s price is able to close above the $1,275 resistance then a fresh increase might be ignited. This will see ETH’s price rise to the next immediate resistance at $1,300, above which the price could gain further bullish momentum for a move toward $1,350. Any more gains might send the price to the $1,400 resistance level.
This bullish thesis will be invalidated if ETH’s price fails to start another increase above the $1,275 resistance. An initial support on the downside is near the $1,240 level.
At press time, ETH is trading at $1,257.69 after its price dropped 0.29% over the last 24 hours. This is according to the crypto market tracking website, CoinMarketCap.
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