- Ethereum price finally showed some bearish signs, and after testing the $12.00 handle moved down.
- There is a bearish trend line formed on the hourly chart (data feed via Kraken), which can act as a reason for a downside move.
- The price is now below the 100 hourly simple moving average, which is a short-term bearish sign for the bears.
Ethereum price traded down finally and also moved back below $10.0. It looks like there is a chance of a minor correction moving ahead.
Ethereum Price – Sell Near Trend Line?
Ethereum price as highlighted yesterday made a new high of $11.98 where it found sellers and started to move down. The price also traded below the $10.0 level, which is a sign that bulls stepped back and failed to prevent losses. If the bears manage to gain strength, then there is a chance of more losses in the near term.
There is a bearish trend line formed on the hourly chart (data feed via Kraken), which can be seen as a resistance zone for the price. On the upside, an initial resistance can be around the 38.2% Fib retracement level of the last drop from the $11.98 high to $9.07 low. The stated fib level holds a lot of importance as the 100 hourly simple moving average (data feed via Kraken) is also positioned near it.
However, the most important resistance is near the highlighted trend line, as it is also coinciding with the 61.8% Fib retracement level of the last drop from the $11.98 high to $9.07 low. On the downside, the recent low of $9.07 may act as a short-term support.
Hourly MACD – The MACD is in the bullish slope, but might head towards the bearish zone soon.
Hourly RSI – The RSI is below the 50 level, which is a bearish sign.
Intraday Support Level – $9.07
Intraday Resistance Level – $10.5
Charts courtesy of Kraken via Trading View