Ethereum tested the key $1,265 support zone against the US Dollar. ETH might correct higher, but upsides could face hurdles near $1,300 and $1,310. Ethereum remains in a bearish zone below the $1,350 and $1,320 support levels. The price is now trading below $1,300 and the 100 hourly simple moving average. There was a break above a connecting bearish trend line with resistance near $1,285 on the hourly chart of ETH/USD (data feed via Kraken). The pair remains at a risk of a sharp decline if it stays below the $1,300 pivot level. Ethereum Price Faces Hurdles Ethereum gained bearish pace and settled below the $1,300 support zone. ETH even declined below the $1,280 level and settled below the 100 hourly simple moving average. There was a minor push below yesterday’s low, but the bulls were active near the $1,265 zone. A low was formed near $1,268 and the price is now correcting higher. There was a short-term wave above the $1,280 level. Ether price was able to clear the 23.6% Fib retracement level of the recent drop from the $1,337 swing high to $1,268 low. Besides, there was a break above a connecting bearish trend line with resistance near $1,285 on the hourly chart of ETH/USD. It is now trading below $1,300 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $1,295 level. The first major resistance is near the $1,300 level. It is close to the 50% Fib retracement level of the recent drop f...
