Ethereum Price Technical Analysis – ETH Facing Tough Resistance

Key Highlights

  • Ethereum price after a decline against the US Dollar started a consolidation below a major resistance area.
  • There is a bearish trend line formed on the hourly chart (data feed via Kraken) of ETH/USD, which can be seen as a major barrier for an upside move.
  • The price is below the 100 hourly simple moving average, which is also acting as a resistance zone.

Ethereum price after weakening started trading in a range. It looks like it is facing a tough resistance on the upside, which is stalling gains.

Ethereum Price Resistance

Ethereum price ETH after moving a few points below the $10.00 level against the US Dollar found bids, and started to correct higher. However, the ETH/USD pair is facing a major resistance on the upside, which is preventing the price to gain further. An initial resistance is around the 100 hourly simple moving average, which is acting as a hurdle and stopping the bulls from taking ETH higher.

However, the most important barrier for the bulls is around a bearish trend line formed on the hourly chart (data feed via Kraken) of ETH/USD. The highlighted trend line and resistance acted as a resistance earlier and can continue to stop gains in the short



Read more ... source: TheBitcoinNews

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