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

Read more ... source: NewsBTC USA

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