TA: Ethereum Price Just Reversed and $1,200 is Imminent, Here’s Why

Ethereum Price Dips Again

Ethereum attempted a decent increase above the $1,350 level. ETH even broke the $1,380, similar to bitcoin. However, the bulls failed to clear the $1,400 resistance zone.

A high was formed near $1,399 and the price started a fresh decline. There was a clear move below the $1,350 and $1,320 support levels. There was a clear move below the 76.4% Fib retracement level of the upward move from the $1,269 swing low to $1,399 high.

Besides, there was a break below a major bullish trend line with support at $1,290 on the hourly chart of ETH/USD. Ether price is also trading below $1,300 and the 100 hourly simple moving average.

On the upside, the price is facing resistance near the $1,290 and $1,300 levels. The next major resistance is near $1,325 level and the 100 hourly SMA. A clear break above $1,325 might start a decent increase towards the $1,380 level.

Source https://www.newsbtc.com/analysis/eth/ethereum-price-just-reversed-1200/