September 30, 2022 01:48 AM ET
By: AnalysisWatch
Ethereum started a consolidation phase above $1,300 against the US dollar. ETH could start a rebound if there is a clear move above $1,350.
Ethereum started a steady recovery wave above the $1,300 resistance zone. Bulls were active above the $1,300 level, and ETH established itself in a short-term positive zone.
There was a clear move above the 50% Fib retracement level of the important decline from the high of $1,400 to the low of $1,252. The ether price even rose above the $1,340 resistance, but the upside was limited. It is now trading above $1,310 and the 100-hour simple moving average.
There is also an important bearish channel forming on the hourly chart of ETH/USD with resistance at $1,340. On the upside, the price is encountering resistance at $1,340 and $1,350.
The next important resistance is at $1,364. It is near the 76.4% Fib retracement level of the important decline from the high at $1,400 to the low at $1,252. A clear break above $1,364 could initiate a decent rise towards the $1,400 level.
If Ethereum fails to climb above the resistance at $1,340, a new decline could begin. The initial support on the downside is near the $1,310 level.
The next important support is near the $1,290 level and the lower trend line of the channel. A break below $1,290 could send the price towards $1,265 in the short term. Further losses could intensify selling and the price could fall to $1,250 or even $1,220