Ethereum extended its decline and tested the $1,000 support against the US Dollar. ETH is recovering, but it must clear $1,280 to start a steady upward move.
Ethereum dropped towards the $1,000 level before the bulls appeared.
The price is now trading below $1,280 and the 100 hourly simple moving average.
There was a break above a major bearish trend line with resistance near $1,205 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could resume its decline unless it clears $1,280 and $1,300 in the near term.
Ethereum Price Faces Key Resistance
Ethereum started a fresh decline below the $1,100 level. The price traded to a new multi-month low and almost tested the $1,000 support zone.
A low was formed near $1,013 before the price started an upside correction. There was a recovery wave above the $1,120 and $1,150 levels. Ether price climbed above the 23.6% Fib retracement level of the key drop from the $1,546 swing high to $1,013 low.
Besides, there was a break above a major bearish trend line with resistance near $1,205 on the hourly chart of ETH/USD. However, the price is still trading below $1,280 and the 100 hourly simple moving average.
The bears were active near the $1,260 resistance zone. The next major resistance is near the $1,280 zone and the 100 hourly simple moving average. The 50% Fib retracement level of the key drop from the $1,546 swing high to $1,013 low is also near the $1,280 zone.
