Ethereum extended its decline towards the $1,300 zone against the US Dollar. ETH price is now recovering, but it could face a strong resistance near $1,480 and $1,500.
Ethereum started a fresh recovery after tagging the $1,300 support zone.
The price is now trading below $1,500 and the 100 hourly simple moving average.
There is a major bearish trend line forming with resistance near $1,480 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could face a strong resistance near $1,480 and $1,500 in the near term.
Ethereum Price is Facing Hurdles
Ethereum remained in a bearish zone below the $1,500 level and the 100 hourly simple moving average. ETH price even extended its decline below the $1,450 and $1,400 support levels.
It tested the $1,300 support zone and recently started an upside correction. There was a break above the $1,380 and $1,400 resistance levels. Ether managed to climb above the 50% Fib retracement level of the downward move from the $1,521 high to $1,299 low.
However, it is facing a lot of hurdles on the upside, starting with $1,465. The 76.4% Fib retracement level of the downward move from the $1,521 high to $1,299 low is near $1,770 to act as a resistance.
Source: ETHUSD on TradingView.com
There is also a major bearish trend line forming with resistance near $1,480 on the hourly chart of ETH/USD. The trend line coincides with the 100 hourly SMA at $1,480. A successful break above the trend line and then a follow up move above the $1,500 zone could open the doors for a decent recovery. The next major resistance sits near the $1,580 level.
More Losses in ETH?
If Ethereum fails to continue higher above the $1,470 and $1,500 resistance levels, it could extend its decline. An initial support on the downside is near the $1,400 level.
The first major support is near the $1,375 zone. If there is a downside break below the $1,375 support zone, there is a real risk of a sharp decline below the $1,300 and $1,280 levels. The next key support is near the $1,140 level.
Hourly MACD – The MACD for ETH/USD is slowly losing pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now back above the 50 level.
Major Support Level – $1,375
Major Resistance Level – $1,500