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