Ethereum Price Technical Analysis – ETH Approaching Break

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Key Highlights

  • ETH price remained above a major support area versus the US Dollar and currently positioning for a break.
  • Yesterday’s highlighted bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD is still in play and may provide us the next break.
  • On the downside, the $11.45-50 support holds the key and must prevent a downside move.

Ethereum price managed to stay in a positive zone against the US Dollar, and it looks like we can witness a break in ETH/USD moving ahead.

Ethereum Price Support

Ethereum price ETH yesterday managed to hold the ground versus the US Dollar, as the $11.45-50 support area prevented a downside. The stated support holds a lot of importance, and it looks like it won’t be easy for sellers to break it. However, on the flip side, there is a major resistance on the upside as well. Yesterday’s highlighted bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD is a crucial hurdle.

The price is stuck between a major support and a bearish trend line. The ETH bulls need to clear the trend line resistance along with the 23.6% Fib retracement level of the last drop from the $12.30


Read more ... source: NewsBTC USA

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