- Ethereum price finally managed to break an important resistance around 0.00390BTC-0.0040BTC.
- It also cleared a bearish trend line formed on the hourly chart, which can be seen as a positive sign.
- The only question is whether this is a real break or not and can the price continue trading higher.
Ethereum price spiked higher Intraday, and broke a resistance trend line as highlighted in yesterday’s post.
Can it be broken?
The Ethereum price after struggling for some time to break a crucial bearish trend line formed on the hourly chart managed to gain traction. There was an upside reaction, which enabled the price to settle above the highlighted trend line. However, there is a concerning sign, as there was no major follow through after the trend line break. The price is currently finding sellers around the 100 hourly simple moving average, i.e. acting as a barrier for buyers.
Moreover, the 61.8% Fib retracement level of the last drop from 0.0042BTC to 0.00348BTC is acting as a resistance and preventing gains. The hourly RSI has moved above the 50 level,