Since upgrading to the PoS consensus protocol, Ether has been performing below what traders expected before the merge. Similarly, the rate hike aided a further plunge in ETH prices. Indicators show the token is now below the $1,350 range, but if it could breach that level, more increases in price may follow.
Ether Price Appears To Be Struggling
The second-placed digital assets have not been performing too well recently. Analysis shows ETH is still lower than the $1350 range. But if the digital asset could breach through the $1350 resistance points, a bullish trend is anticipated.
As the altcoin dips from the $1350 resistance point, ETH is gathering losses as it priced as low as $1269 recently. It, however, lingers confidently aloft the $1250 support point.
Also, ETH surges slightly beyond the $1300 point. The Fibonacci pullback level shows the token is attempting the 50% point on the downside. The price is less than $1350, and the SMA for the last 100 hours is below $1350.
However, the price faces the $1320 resistance point and SMA of 100 hours on the upper side. It shows around 61.8% Fibonacci pullback points from the current $1348 surge and $1269 dip.
Although the ETH hourly chart reveals a downtrend line that shapes close to the $1350 resistance point, a good surge towards the $1400 region is feasible if the digital asset breaches the $1350 region.
ETH/USD Chart Source: TradingView
The Fibonacci extension level is 1.236 from the current fall to $1269 from the $1348 peak. However, a further increase would pave the way for a surge towards a new $1500 resistance point.
Will Ether Dip Lower?
There is an urgent need for ETH to break through the $1350 resistance point to avoid a new bearish trend. On the lower side, the support point is close to $1288.
ETH’s price could be exposed to a new support zone of $1220 if it fails to resist a dip beyond the current support zone of $1270. If this happens, the price could dip to $1150 because the loss incurred might force investors to dump ETH.
A Look At The Technical Guide
A study of the technical pointers is not too promising. The moving average convergence divergence shows that Ether struggles to remain in the uptrend region.
Similarly, the hourly relative strength index indicated Ether falls beyond the 50 levels. Also, the resistance point is still at $1350, while the support point is at $1270. According to TradingView data, ETH’s price is around $1317 at the time of the report.