- Ethereum price after trading as low as $7.36 corrected higher, but failed to break a major resistance area of $9.00.
- There is a bearish trend line formed on the hourly chart (data feed via Kraken) of ETH/USD, which acted as a barrier for an upside break.
- As long as ETH is below the trend line resistance, there is a chance of a downside move back towards $7.50.
Ethereum price correction phase is likely over. It looks like ETH/USD is setting up for another decline back towards the last low of $7.36.
Ethereum Price Remains a Sell?
Ethereum price ETH continued to face selling pressure, as it attempted a corrective rally against the US Dollar but failed to gain momentum. ETH/USD traded higher towards the $9.00 levels, where it found a bearish trend line on the hourly chart (data feed via Kraken) that perfectly acted as a hurdle for the bulls. There was a bearish candle formed as well after a failure to break the trend line.
Ether price also failed just around the 61.8% retracement level of the last drop from the $10.05 high to $7.36 low. Currently, the price is moving down and the last two candles are bearish, pointing