Ethereum is slowly moving lower below $1,300 against the US Dollar. ETH remains at a risk of major decline if it stays below $1,400 for a long time. Ethereum started a fresh decline after it failed to clear the $1,350 resistance. The price is now trading below $1,320 and the 100 hourly simple moving average. There was a break below a key bullish trend line with support near $1,320 on the hourly chart of ETH/USD (data feed via Kraken). The pair could gain bearish momentum if it breaks the $1,265 support zone. Ethereum Price Grinds Lower Ethereum attempted a fresh increase above the $1,350 level, similar to bitcoin price. ETH struggled to gain pace for a move above the $1,350 level. The price traded as high as $1,340 and started a fresh decline. There was a move below the $1,320 support zone. Besides, there was a break below a key bullish trend line with support near $1,320 on the hourly chart of ETH/USD. The pair even declined below the 50% Fib retracement level of the upward move from the $1,262 swing low to $1,340 high. Ether price is now trading below $1,320 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $1,290 level and a connecting bearish trend line on the same chart. Source: ETHUSD on TradingView.com The first major resistance is near the $1,300 level and the 100 hourly simple moving average. A clear upside break above the $1,300 resistance zone could open the doors for a move...
