Ethereum Price Technical Analysis – $13.00 Is Major Hurdle

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Key Highlights

  • ETH price is attempting to move higher once again versus the US Dollar, but struggling near the $13.00 resistance.
  • There is a bearish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD, which is acting as a resistance.
  • Only a break above it could put the price back in the bullish area in the short term.

Ethereum price after trading as low as $12.53 started recovering against the US dollar, but finding sellers near a major hurdle of $13.00.

Ethereum Price Resistance

Ethereum price mostly traded in a range during the past few sessions against the US Dollar and there was no real move. The price traded as low as $12.53 where the buyers appeared and pushed it back higher. However, the upside was limited, as there is a major hurdle formed near $13.00, which is protecting an upside break. Let us see why the stated level is a major resistance.

First, there is a bearish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD aligned around $13.00. Second, the 50% Fib retracement level of the last drop from the $13.34 high to $12.53 low is positioned. Third, the 100 hourly simple moving average is also sitting near the same area. So, there is a major confluence area formed, which is protecting an upside move.

Ethereum Price Technical Analysis Ethereum Price Technical Analysis

If the ETH bulls need to push the price higher, they need to overcome the highlighted resistance zone. Otherwise, there is a high risk of the price moving back towards the recent low of $12.53. Any further declines may put the price on a path towards $12.00.

Hourly MACD – The MACD is almost flat, and signaling no major move in the price in the short term.

Hourly RSI – The RSI is just around the 50 level, which means the price approaching a break.

Major Support Level – $12.60

Major Resistance Level – $13.00

 

Charts courtesy – SimpleFX

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.

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