- ETH price continues to trade in a range against the US Dollar and Bitcoin, and waiting for a catalyst.
- Yesterday’s highlighted bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD is almost broken, but with no momentum.
- The price is currently struggling to clear the 100 hourly simple moving average and facing sellers.
Ethereum price is ranging at the moment against the US Dollar, and it would be interesting to see if ETH/USD buyers can gain traction or not.
Ethereum Price Explosion Ahead?
As we all know, Ethereum 4th Hard Fork is lined up, and it may cause a lot of action in the price. There was no real move during the past 24 hours in ETH/USD and ETH/BTC, and the price mostly traded in a range. Yesterday, I highlighted a bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD. It was broken recently, but it cannot be considered as a break, as there was no real momentum after it.
The upside move is continuously finding offers near the 100 hourly simple moving average. It is acting as a major hurdle and preventing gains. Moreover, the 23.6% Fib retracement level of the decline from the $10.04 high to $9.29 low is also stopping the buyers from taking the price higher. The most important range resistance is near $9.60. It is a monster resistance, and may be considered as a breakout level. It is also coinciding with the 38.2% Fib retracement level of the decline from the $10.04 high to $9.29 low.
If the ETH buyers fail to take the price higher, then a break below the range support at $9.30 may be very deadly for ETH/USD in the short term.
Hourly MACD – The MACD is currently flat, showing range moves.
Hourly RSI – The RSI is just around the 50 level but with no clear bias.
Major Support Level – $9.30
Major Resistance Level – $9.60
Charts courtesy – SimpleFX
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