Ethereum Price Recovery Could Soon Fade If ETH Fails To Surpass $1,350


Ethereum started a fresh drop from the $1,350 resistance level against the US Dollar. ETH has retested $1,255 and remains at risk of further losses.

  • Ethereum started another decline after it failed to clear the $1,375 area.
  • The price is now trading below $1320 and the 100 hourly simple moving average.
  • There is a major bearish trend line forming with resistance near $1,300 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair may decline sharply if it stays below the $1350 level for an extended period.

Ethereum price turns red

Ethereum fails to increase speed above $1350 resistance area. ETH started a fresh decline below the $1,320 support area and the 100 hourly simple moving average.

The bears even pushed the price below the $1,300 level. Ether price has retested the $1260 support area. A bottom formed near $1,264 and the price is now consolidating losses. They are now trading at less than $1,320 and 100 hourly simple moving average.

On the upside, the price is facing resistance near the $1,300 area. There is also a major bearish trend line forming with resistance near $1,300 on the hourly chart of ETH/USD. The trend line is near the 23.6% Fib retracement level of the recent decline from the $1,373 swing high to $1,264 low.

The first major resistance is near the $1,320 level and the 100 hourly simple moving average. The 50% Fib retracement level of the recent decline from the $1,373 swing high to $1,264 is also near $1,318.

Ethereum price

source: ETHUSD on TradingView.com

A clear break above $1320 may lead to a decent rally towards the $1350 level. Any further gains could open the door to a move towards the $1,400 resistance area, above which the price could rise to $1,450.

A new drop in ETH?

If Ethereum fails to climb above the $1320 resistance, it may start a new decline. There is initial support on the downside near the $1,260 level.

The next major support is near the $1250 level. A bearish breakout below the $1250 level may send the price towards the $1220 support level. Any further losses could trigger the selling and the price could drop to $1,200 or even around $1,150.

Technical Indicators

MACD per hourETH/USD’s MACD is losing momentum in bearish territory.

Hourly RSIThe RSI for ETH/USD is now just below the 50 level.

Key Support Level – $1,260

Key Resistance Level – $1,320



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