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Ethereum extended its decline against the US Dollar towards the $ 1,300 zone.

 

Ethereum is recovering

ETH price is currently recovering, but may face strong resistance near $ 1,480 and $ 1,500.

Ethereum has started a new recovery after tagging the $ 1,300 support zone.

The price is currently trading below $ 1,500 and the 100 hourly simple moving average.

There is a major bearish trend line showing resistance at $ 1,480 on the hourly chart of ETH / USD.

The pair could face strong resistance near $ 1,480 and $ 1,500 in the near term.

If Ethereum fails to break above the $ 1,470 and $ 1,500 resistance levels, it could extend its decline. The first downside support 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 risk of a sharp dip 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 decelerating in the bullish zone.

Hourly RSI: The RSI for ETH / USD is now above the 50 level.

Major Support Level: $ 1,375.

Major Resistance Level – $ 1,500.

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