Ethereum fell towards $1,350 before recovering against the US Dollar. ETH is now facing significant resistance near the $1,460 and $1,500 levels.
- Ethereum extended its losses and traded below the $1,400 level.
- The price is now trading below $1,460 and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance near $1440 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair may struggle to recover above the $1440 and $1460 resistance levels.
Ethereum price still in bearish territory
Ethereum remains in descending zone Below the $1500 level. ETH started another decline and traded below the key $1,400 support area.
The price climbed below the $1360 level and traded as low as $1257. It is now attempting a recovery wave above the $1400 resistance area. There was a move above the 23.6% Fib retracement level of the downside move from the $1,662 swing high to $1,357.
However, the price of Ether is trading at less than $1,460 and Simple moving average per 100 hours. There is an immediate resistance on the upside near the $1,440 level.
There is also a major bearish trend line forming with resistance near $1,440 on the hourly chart of ETH/USD. The first major resistance is near the $1,480 area and the 100 hourly simple moving average. The main resistance is now forming near the $1500 area.
Source: ETHUSD on TradingView.com
The 50% Fib retracement level of the downside move from the $1,662 to $1,357 swing high is also near the $1,500 region. A clear move above the $1,500 level could start a proper rally. In the mentioned case, the price may rise towards the $1550 resistance area.
More losses in ETH?
If Ethereum fails to rise above the resistance at $1,480, it may continue to decline. There is initial support on the downside near the $1,400 region.
A clear move below the $1,400 support level could trigger another drop. In this case, the price of ether might revisit the $1350 support. Any further losses could push the price to the $1,300 or even $1,250 support level in the near term.
MACD per hour – ETH/USD’s MACD is losing momentum in bullish territory.
Hourly RSI – The RSI for ETH/USD is now just above the 50 level.
Key Support Level – $1400
Key Resistance Level – $1480