Ethereum started a recovery wave above the $1,200 level against the US Dollar. ETH must clear $1,320 and the 100 hourly SMA to start a sustained upward move.

Ethereum declined heavily below the $1,320 support zone, similar to bitcoin. ETH even traded below the $1,200 support level and settled below the 100 hourly simple moving average.

It even spiked below $1,100 and traded as low as $1,070. Recently, there was an upside correction above the $1,120 and $1,150 levels. Ether price climbed above the 23.6% Fib retracement level of the key decline from the $1,580 swing high to $1,070 low.

Besides, there was a break above a major bearish trend line with resistance near $1,210 on the hourly chart of ETH/USD. The pair even spiked above the $1,300 resistance.

However, the bears defended the $1,320 resistance and the 100 hourly simple moving average. The price also failed near the 50% Fib retracement level of the key decline from the $1,580 swing high to $1,070 low. An immediate resistance on the upside is near the $1,280 level.

Source: ETHUSD on TradingView.com

The next major resistance is near the $1,320 level and the 100 hourly simple moving average. A clear break above the $1,320 resistance could set the pace for a decent increase. In the stated case, the price could rise to the $1,400 level. Any more gains might send the price toward the $1,500 resistance zone.

If ethereum fails to climb above the $1,320 resistance, it could continue to move down. An initial support on the downside is near the $1,200 level.

The next major support is near the $1,190 level, below which ether price may perhaps accelerate lower. In the stated scenario, the price could decline towards the $1,070 support zone in the near term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 level.

Major Support Level – $1,190

Major Resistance Level – $1,320

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