Why ETH Could Face Hurdles Near $1500

Ethereum Bears Keep Pushing, Why ETH Could Face Hurdles Near $1500

Ethereum extended its decline towards the $1300 zone against the US Dollar. ETH price is now recovering, but it could face a strong resistance near $1480 and $1500.

  • Ethereum started a fresh recovery after tagging the $1300 support zone.
  • The price is now trading below $1500 and the 100 hourly simple moving average.
  • There is a major bearish trend line forming with resistance near $1480 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could face a strong resistance near $1480 and $1500 in the near term.

Ethereum Price is Facing Hurdles

Ethereum remained in a bearish zone below the $1500 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.

Why ETH Could Face Hurdles Near $1500
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 $1500 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 $1470 and $1500 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

Source: News BTC

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