ETHEREUM PRICE ANALYSIS-$1,290: Bears are hammering as a double top pattern appears on the chart

On the daily chart, ETH has formed a double

 top pattern indicating short term bearish.

Against the US dollar, Ethereum rose and approached the $1,350 barrier level. ETH has corrected downward, however bulls are still active at the $1,280 support level. The price of Ethereum increased its momentum as it continued to rise past the $1,300 barrier level. ETH even broke beyond the $1,320 level and settled above the 21 hourly simple moving average.

The bears, on the other hand, were active at $1,350. Both efforts by the bulls to break past the $1,350 barrier were unsuccessful. As a result, similar to bitcoin, a negative reaction began at $1,350. Ether's price has dropped below $1,320 and $1,300.

There was a clear move below the 50% Fib retracement line of the upward move from the $1,240 swing low to the $1,353 swing high. The price is currently trading near $1,290 and the 100 hourly simple moving average.

The 4-hour Ethereum price analysis shows that ETH is now in a downtrend, with a series of lower highs and lower lows. Currently, the price is trading near the 21 Moving Average. The double top pattern has caused significant selling pressure in the last 12 hours.

A significant bullish trend line with support at $1,265 is forming on the hourly chart of ETH/USD. The pair looks to be holding above the 78.60% Fib retracement level of the upward run from the swing low of $1,240 to the swing high of $1,353.

An immediate resistance level on the upside is $1,300. The first significant resistance is located at $1,320. A closing over the $1,320 barrier level might launch a fresh upward trend. The next significant resistance level might be $1,350. Any further gains might push the price above the $1,400 level.

If ethereum fails to break through the $1,320 barrier, it may continue to fall. The trend line and the $1,280 level provide initial support on the downside. The next key support is at the $1,240 level, below which the price may revert to the $1,200 level. Any more losses might push the price down to the $1,150 support.

According to Price Analysis , The market cap of ETH is estimated to be $157,979,551,334. The coin's 24-hour trading volume is approximately $8,323,779,926. The market capitalization of Ethereum has decreased by 2.40%. However, transaction volume fell by 3.65% during intraday trading.

KEY LEVELS :

RESISTANCE LEVEL : $1,320-$1,350

SUPPORT LEVEL : $1,260-$1,220

Following the FED Chairman's speech, the price fell sharply after forming the double top pattern. Will ETH break through the double top pattern or drop to $1,200? What are your opinions?