ETH Bears push forward which can make a lot of issues for the coin near the $1500 level as the decline towards $1300 is extended. The price is now recovering but could face a strong resistance near $1480 and $1500 so let’s read more in our latest Ethereum price news.
Ethereum started a fresh recovery after hitting the $1300 support zone with the price trading below the $1500 and the 100 hourly simple moving average and the major bearish trendline forming with the resistance near the $1480 on the hourly chart of the pair. The ETH/USD pair could face a strong resistance near the $1480 and the $1500 in the near-term.
ETH remained in a bearish zone below the $1500 level and the 100 hourly simple moving average with the price extending the decline below the $1450 and the $1400 support levels. The price tested the $1300 support zone and started a new upside correction with a break above $1380 and $1400 resistance levels. ETH managed to climb above 50% fib retracement level from the downward move at $1521 high to $1299 low.
However, it is facing a lot of hurdles on the upside, first starting with the $1465 one. The 76.4% fib retracement level from the downward move from the $1521 high to $1299 low which is also near the $1770 resistance. There’s also a major bearish trend line forming with the resistance close to the $1480 on the hourly chart of the pair with the trend lien coinciding with the 100 hourly SMA at the $1480 level. Breaking above the trend line and a move above $1500 could open the doors for a new recovery. The next major resistnace sits near the $1580 level.
If ETH fails to continue higher above the $1470 and the $1500 resistance levels and it could extend its decline with the initial support on the downside nearing the $1400 level. The first support is near the $1375 zone with a downside break below the $1375 support zone with a real risk of a sharp drop below the $1300 and the $1280 level with the next key support near the $1140 level. The hourly MACD for the pair is losing momentum in the bullish zone and the RSI is back above the 50 levels.
The ETH bears push forward so the coin has to prepare for a new drop while the fundamentals still remain strong.
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