TA: Ethereum Recovery Faces Major Hurdle, Risk of Fresh Decline Exits

Ethereum declined towards $1,350 before recovering higher against the US Dollar. ETH is now facing a major resistance near the $1,460 and $1,500 levels. Ethereum extended losses and traded below the $1,400 level. The price is now trading below $1,460 and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $1,440 on the hourly chart of ETH/USD (data feed via Kraken). The pair could struggle to recover above the $1,440 and $1,460 resistance levels. Ethereum Price Remains In Bearish Zone Ethereum remained in a bearish zone below the $1,500 level. ETH started another decline and traded below the key $1,400 support zone. The price even spiked below the $1,360 level and traded as low as $1,257. It is now attempting a recovery wave above the $1,400 resistance zone. There was a move above the 23.6% Fib retracement level of the downward move from the $1,662 swing high to $1,357 low. However, ether price is trading below $1,460 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $1,440 level. There is also a major bearish trend line forming with resistance near $1,440 on the hourly chart of ETH/USD. The first major resistance is near the $1,480 zone and the 100 hourly simple moving average. The main resistance is now forming near the $1,500 zone. Source: ETHUSD on TradingView.com The 50% Fib retracement level of the downward move from the $1,662 s...