Ethereum Price Technical Analysis – ETH In Wait Mode

Key Highlights

  • ETH price failed once again to clear a major resistance area versus the US Dollar.
  • This week we followed a bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD, which is still in action and preventing gains.
  • On the downside, there was a minor false break below the $11.45-50 support.

Ethereum price remained in a range pattern versus the US Dollar, but soon we should be able to see some swing moves in ETH/USD.

Ethereum Price Range

Ethereum price attempted once again to clear a major resistance area against the US Dollar, but the ETH bears managed to stay in action. We have been tracking a major bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD this week. It once again acted as a crucial resistance and prevented an upside move in the pair. Furthermore, the 23.6% Fib retracement level of the last drop from the $12.30 high to $11.34 low also acted as a hurdle along with the trend line.

Last but not the least, the 100 hourly simple moving average is also around the trend line resistance. So, there is a monster resistance formed near $11.60. The ETH bulls need to clear it soon or sellers may step up the momentum and push the price down. A break and close may take the price towards the 50% Fib retracement level of the last drop from the $12.30 high to $11.34 low.

Ethereum Price Technical Analysis Ethereum Price Technical Analysis

On the downside, the $11.50-40 support holds the key. I still believe as long as the price is above it, there is a chance of an upside move in the short term.

Hourly MACD – The MACD is attempting to move into the bullish zone, which is a positive sign.

Hourly RSI – The RSI is also above the 50 level, calling for more gains in ETH.

Major Support Level – $11.45

Major Resistance Level – $11.60

 

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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