Ethereum Price Technical Analysis – ETH Bulls Watch Out

Key Highlights

  • ETH price after failing to retain the bullish bias against the US Dollar failed and moved down.
  • Yesterday’s highlighted bullish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD was cleared by sellers during the recent downside.
  • ETH bulls must trade carefully, as there is a chance of a downside move in the short term.

Ethereum price was trading above a short-term support versus the US Dollar until sellers appeared and took ETH/USD lower.

Ethereum Price Downside Move

Ethereum price looks like made a short-term top near $13.21 against the US Dollar. There was a move below the 38.2% Fib retracement level of the wave from the $12.59 low to $13.21 high, which ignited further downsides in ETH/USD. The most crucial point for the bulls is the fact that the price broke a couple of important support zones.

Yesterday, I highlighted a bullish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD. During the recent downside move, the sellers managed to break It. Not only that, they also succeeded in breaking the 50% Fib retracement level of the wave from the $12.59 low to $13.21 high. At this moment, they are attempting for a close below the 100 hourly simple moving average. If they succeed, it will further increase the bearish pressure on the ETH buyers.

Ethereum Price Technical AnalysisEthereum Price Technical Analysis

So, if you are a buyer, you need to trade carefully moving ahead. There is a chance of further declines in ETH/USD. In my view, there is even a possibility of a full test of the last swing low of $12.60. The technical indicators for ETH are turning south, which is a bearish call in the short term.

Hourly MACD – The MACD is now moved into the bullish zone.

Hourly RSI – The RSI is also below the 50 level, calling for more losses.

Major Support Level – $12.80

Major Resistance Level – $13.10

 

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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