TA: Ethereum Price Needs To Clear $1,400 For Hopes of a Fresh Rally

Ethereum is struggling below the $1,350 zone against the US Dollar. ETH could start a major increase if it clears the $1,350 and $1,400 resistance levels. Ethereum is stable above the $1,260 and $1,250 support levels. The price is now trading below $1,350 and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $1,350 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a steady increase if it clears the key $1,400 resistance zone. Ethereum Price Faces Hurdles Ethereum dropped from the $1,350 resistance zone. However, ETH remained stable above the $1,250 support zone. The price traded as low as $1,269 and is currently consolidating losses. Ether is slowly moving higher above the $1,300 level. It is testing the 50% Fib retracement level of the recent decline from the $1,348 swing high to $1,269 low. The price is now trading below $1,350 and the 100 hourly simple moving average. On the upside, the price is facing resistance near the $1,320 level and the 100 hourly simple moving average. It is near the 61.8% Fib retracement level of the recent decline from the $1,348 swing high to $1,269 low. The next major resistance is near $1,350 level. There is also a major bearish trend line forming with resistance near $1,350 on the hourly chart of ETH/USD. A clear break above $1,350 might start a decent increase towards the $1,400 level. Source: ETHUSD on TradingView....