TA: Ethereum Starts Recovery, Why ETH Could Face Resistance Near $1,250

Ethereum declined close to 20% and it tested the $1,050 zone against the US Dollar. ETH price is currently recovering, but it might struggle near $1,200 and $1,250. Ethereum declined heavily after it broke the $1,250 and $1,200 support levels. The price is now correcting losses from $1,042, but it is well below the 100 […]

TA: Ethereum Starts Recovery, Why ETH Could Face Resistance Near $1,250

Ethereum declined close to 20% and it tested the $1,050 zone against the US Dollar. ETH price is currently recovering, but it might struggle near $1,200 and $1,250. Ethereum declined heavily after it broke the $1,250 and $1,200 support levels. The price is now correcting losses from $1,042, but it is well below the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $1,300 on the hourly chart of ETH/USD (data feed via Kraken). The pair could correct further, but the previous support near $1,250 is likely to act as a strong resistance. Ethereum Price is Recovering Losses In the past 3-4 sessions, there was a nasty decline in bitcoin and Ethereum below $32,000 and $1,200 respectively. ETH price nosedived almost 20% and it broke many supports such as $1,150 and $1,120. It traded close to $1,040 and settled well below the 100 hourly simple moving average. A low is formed near $1,042 and the price is currently correcting higher. There was a break above the $1,100 resistance level and the price is showing a few positive signs. Ether is trading above the 23.6% Fib retracement level of the recent decline from the $1,389 swing high to $1,042 low. On the upside, the first key resistance is near the $1,200 level.