TA: Ethereum Trims Gains, Why ETH Could Find Strong Support Near $1,275

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TA: Ethereum Trims Gains, Why ETH Could Find Strong Support Near $1,275

Ethereum started a downside correction after trading to a new all-time high at $1,480 against the US Dollar. ETH price is currently approaching the $1,300 and $1,275 support levels.

Ethereum started a fresh downside correction from the $1,480 resistance zone.
The price is down around 10%, and it is trading close to the 100 hourly simple moving average.
There was a break below a major bullish trend line with support near $1,385 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is likely to find a strong buying interest near the $1,275 and $1,280 support levels.

Ethereum Price is Approaching a Major Support
After a strong increase above $1,400, Ethereum failed to test the $1,500 resistance zone. A new all-time high was formed near $1,480 before the price started a fresh decline.

There was a clear break below the $1,400 and $1,380 support levels. More importantly, there was a break below a major bullish trend line with support near $1,385 on the hourly chart of ETH/USD. The pair broke the $1,350 support level to move into a short-term bearish zone.

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