Ethereum Price Gearing For Another Lift-Off: Recovery Isn’t Over Yet

Ethereum failed to clear the $1,350 resistance and corrected lower against the US Dollar. ETH is holding the key support and might aim a fresh move to $1,400. Ethereum started a downside correction and tested the $1,265 support zone. The price is now trading above $1,300 and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $1,295 on the hourly chart of ETH/USD (data feed via Kraken). The pair seems to be fresh increase above the $1,350 resistance zone. Ethereum Price Remains Supported Ethereum struggled to continue higher above the $1,350 resistance, similar to bitcoin price. ETH formed a short-term high at $1,343 and started a downside correction. There was a move below the $1,320 and $1,300 levels. Ether price even spiked below $1,280 and the 100 hourly simple moving average. However, the bulls were active near the $1,265 support zone. A low was formed near $1,262 and the price is now rising. There was a move above the $1,290 and $1,300 levels. The price cleared the 50% Fib retracement level of the recent decline from the $1,343 swing high to $1,262 low. It is now trading above $1,300 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $1,295 on the hourly chart of ETH/USD. An immediate resistance on the upside is near the $1,315 level. It is near the 61.8% Fib retracement level of the recent decline from the $1,343 swing ...