Ethereum Price Technical Analysis – Can ETH Overcomes Sellers

Key Highlights

  • ETH price started a correction during the end of this past week versus the US Dollar.
  • There is a minor bearish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD, which is currently acting as a resistance.
  • The ETH/USD pair has to clear the trend line resistance in order to crawl back higher.

Ethereum price traded as low as $11.45 versus the US Dollar during the correction wave. Can it now recover and move back higher?

Ethereum Price Gains

Ethereum price ETH after a solid bounce this past week started a correction against the US Dollar and traded as low as $11.45. There was a buying interest noted around the stated level, as the buyers managed to prevent the downside. The ETH is currently consolidating in a minor range and preparing for the next move. On the upside, an initial resistance is around the 23.6% Fib retracement level of the last drop from the $12.30 high to $11.44 low.

However, the most important hurdle is around a minor bearish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD. The highlighted trend line may act as a pivot zone for the pair in the short term. If the bulls manage to break it, then a test of the 100 hourly simple moving average is possible. Moreover, any further upside could take the pair towards the 61.8% Fib retracement level of the last drop from the $12.30 high to $11.44 low.

Ethereum Price Technical Analysis Ethereum Price Technical Analysis

On the downside, a break below $11.45 may push the price towards the $11.20 level. In my view, as long as the price is above $11.45, it may attempt to bounce once again.

Hourly MACD – The MACD is slightly in the bearish zone, but no strong selling signal.

Hourly RSI – The RSI is below the 50 level, which is not good for the bulls.

Major Support Level – $11.45

Major Resistance Level – $11.80

 

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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