TA: Ethereum Bears Keep Pushing, Why ETH Could Face Hurdles Near $1,500

Aayush Jindal

1 year ago

2 mins read

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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.

Technical Indicators

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

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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