- Ethereum seeks support below $320 after sellers gained traction from the new 2020 high around $320.
- Ether could easily ascend to another new yearly high if bulls purpose on overcoming the falling triangle resistance.
Ethereum price hit a wall at the new 2020 high around $334. Bulls had a plan keep to keep the price above the support at $320, however, this dream was shattered when bearish pressure increased during the trading sessions on Tuesday. The second-largest cryptocurrency was then forced to seek refuge under $320. An intraday low of $312 has been traded on Wednesday (Asian session) but Ether has adjusted slightly upwards to $315 (prevailing market value).
Declines are likely to increase in the current and upcoming sessions based on the strong bearish grip coupled with high volatility. On the other hand, lower, price movements could bounce off support at $310 which is aided by the 100 SMA ($309.71). Consequently, a breakout is anticipated on overcoming the falling triangle resistance. Such a move would have the potential to clear the hurdle at $334 and trade a new yearly high past $340.
ETH/USD 1-hour chart
 (70)-637315869416886160.png)
Ethereum resistance and support levels
Resistance one: $320 – Highlighted by the Fibo 61.8% one-day, the SMA ten 4-hour, the Bollinger Band one-day upper, the SMA 50 1-hour and the SMA 200 15-minutes.
Resistance two: $323 – Home to the BB 15-minutes upper curve, the pivot point one-week resistance two, the previous high 4-hour and the BB 1-hour upper curve.
Resistance three: $330 – Highlighted by the previous high one-day and the pivot point one-day resistance one.
Support one: $313 – This a subtle support that hosts the previous low 1-hour and the BB 15-minutes lower curve.
Support two: $307 – This is the strongest support area and home to the previous low one-day, the pivot point one-day support one and the SMA five one day.
Support three: $300.83 – This would be the last resort in keeping the price above $300. It is home to the BB 4-hour lower curve and the pivot point one-week resistance one.
More ETH/USD levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
MANTA suffers 4% pullback after unlocking tokens worth $40 million
Manta Network (MANTA) unlocked over 8% of its circulating supply on Thursday. The unlocked tokens were airdropped and distributed in public sale, according to data from Tokenunlocks.
XRP struggles to recover as lingering Ripple lawsuit could reach Supreme Court, former SEC litigator says
The SEC vs. Ripple potential showdown at the Supreme Court is likely, says former SEC litigator Ladan Stewart. XRP Ledger calls developers, businesses and investors to build on the blockchain, extending Apex 2024 registration until April 30.
Bitcoin Layer 2 Merlin chain TVL climbs 20%, defying broad market correction
Merlin chain’s TVL added 20% this week, and crossed $800 million on Thursday. Bitcoin Layer 2 assets noted double-digit losses in the past week. Stacks, Elastos, SatoshiVM, BVM are hit by a correction as Bitcoin hovers around $61,000.
If Bitcoin restarts bull run, these altcoins are likely to explode Premium
If Bitcoin’s consolidation ends and the bull run resumes, altcoins are likely going to trigger a massive rally. Last cycle’s hot tokens like SOL, AVAX, WIF, ONDO, etc., could see renewed enthusiasm.
Bitcoin: BTC’s rangebound movement leaves traders confused
Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established.