The price of Ethereum (ETH) has retreated twice today from the $1,300 resistance level. The altcoin fell below $1,280, but bulls remained active between the $1,270 level and the 100-hour simple moving average. Below these levels, we expect support around $1,250 and $1,240.
Recently, the price bottomed out below $1,240 and has started a new upward trend. Ethereum is trading above the $1,275 and $1,280 resistance levels.
The asset successfully broke above the 76.4% Fib retracement level of the downward trend, dropping from $1,309 to $1,236. At the time of writing, ETH is hovering just below that level.
On the hourly chart of ETH/USD, there is a breakout of the major bearish trend line, with resistance near $1,280.
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The immediate resistance level is near $1,300. The first major resistance level is around $1,310, followed by the 1.618 (1,354) Fibonacci level of the above trend. A breakout and close above this level could push the price towards $1,400.
If Ethereum fails to start a new rebound above the $1,300 resistance level, the price may begin to adjust. In this case, the altcoin may find stronger support in the $1,250 to $1,200 range.
