- ETH price gained bids once again on the downside against the US Dollar and Bitcoin, and currently moving higher.
- The ETH/USD pair is currently attempting to break a bearish trend line formed on the hourly chart (data feed via SimpleFX).
- The ETH bulls are struggling to gain momentum, and I think they need encouragement for a push higher.
Ethereum price is trading higher, but remains below a major resistance. A move above $12.00 is needed for an extended upside wave.
Ethereum Price Resistance
Ethereum price after a move towards the $11.70 against the US Dollar found support and managed to gain bids. There was a nice upside move, as the price managed to clear the 100 hourly simple moving average. The ETH/USD pair also bounced from the 50% Fib retracement level of the last wave from the $11.50 low to $11.96 high at $11.70. The stated level acted as a support previously as well, so it was not a surprise this time.
A close above the 100 hourly simple moving average is important, but we cannot discard the fact that the price is still below a major resistance area. There is a bearish trend line formed on the hourly chart (data feed via