Ethereum price recovery could soon fade if ETH doesn’t break above $1,350

Ethereum has started a new decline from the $1,350 resistance against the US dollar. ETH has retested $1,255, but the risk of further losses remains.

• Ethereum has started another decline after failing to clear the $1,375 zone.
• The price is currently trading below $1,320 and the 100 hour simple moving average.
• A major bearish trend line has formed with resistance near $1,300 on the ETH/USD hourly chart (data feed by Kraken).
• If the price sustains below $1,350 for an extended period of time, the pair could plunge.

Ethereum price turns red

Ethereum has failed to pick up the pace past the $1,350 resistance zone.ETH has broken below the $1,320 support zone and the 100-hour simple moving average to begin a new decline.

The bears pushed the price down to $1,300 levels. Ether price has retested his $1,260 support zone. The price is now consolidating losses with a low near $1,264. It is currently trading below $1,320 and the 100 hour simple moving average.

On the upside, the price is facing resistance near $1,300. The ETH/USD hourly chart also has a significant bearish trendline formed with resistance near $1,300. Near the retracement level.

The first big resistance is near $1,320 and the 100 hour simple moving average. The 50% Fib retracement level of the recent drop from $1,373 high to $1,264 low is also near $1,318.

Source: ETHUSD on TradingView.com

A clear breakout of $1,320 could start a decent rally towards the $1,350 level.

Another drop in ETH?

If Ethereum fails to break out of the $1,320 resistance, a new drop could start. The first support on the downside is near $1,260.

The next major support is near $1,250. Below $1,250, the price is likely to head towards the $1,220 support. Further losses could lead to more selling and the price could fall to $1,200 or $1,150.

technical indicator

Hourly MACD – The ETH/USD MACD is currently losing momentum in the bearish zone.

Hourly RSI – The ETH/USD RSI is currently just below the 50 level.

Major Support Level – $1,260

Major Resistance Level – $1,320