Ethereum Price Technical Analysis 03/30/2016 – $11.80 As Resistance

Key Highlights

  • Ethereum price managed to trade higher once again after a minor dip, but failed to clear the $11.80 resistance area.
  • There were a couple of attempts to break the stated level, but the bears managed to defend it successfully.
  • There is a bullish trend line formed on the hourly chart (data feed via Kraken) of ETH/USD, which is almost broken and may clear the way for a slight decline.

Ethereum price successfully completed another wave higher. However, the price is struggling to clear $11.80. Can ETH/USD break it or will the price move down?

Ethereum Price – Short Term Downside?

Yesterday, I highlighted that a short term buying dips idea may work well. Ethereum price did move down a few points to provide an opportunity to enter a long, and then ETH moved back higher. However, the bulls failed to break the last high near $11.80, as it acted as a major barrier and prevented any further gains.

Currently, the price is attempting to break a bullish trend line formed on the hourly chart (data feed via Kraken) of ETH/USD. If sellers succeed in closing the price below the trend line support area, then there is a chance of ETH moving towards the 38.2% Fib retracement level of the last move from the $10.10 low to $11.83 high.

Ethereum Price Technical Analysis

The $11.20-10 support area holds a lot of importance for ETH/USD in the short term, as the 100 hourly simple moving average is positioned near it. So, it you are planning to enter a short term sell, then your TP should be above $11.20 and SL near $11.90.

Hourly MACD – The MACD is in the bearish zone, and suggesting more losses in the near term.

Hourly RSI – The RSI has just moved below the 50 level, which is a warning sign for the bulls.

Intraday Support Level – $11.20

Intraday Resistance Level – $11.80

Charts courtesy of Kraken via Trading View

Source link

mm

TheBitcoinNews.com – leading Bitcoin News source since 2012

Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. The information does not constitute investment advice or an offer to invest.