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 started a recovery wave above the $1,200 and $1,220 levels. The price is now trading below $1,300 and the 100 hourly simple moving average. There was a break above a major bearish trend line with resistance near $1,210 on the hourly chart of ETH/USD (data feed via Kraken). The pair is now struggling to clear the $1,320 resistance and the 100 hourly simple moving average. Ethereum Price Faces Key Resistance 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. More Losses in ETH? 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
