Ethereum Price Technical Analysis – ETH Short-term Break

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Key Highlights

  • ETH price failed to hold the bullish bias against the US Dollar, and traded lower.
  • Yesterday’s highlighted bullish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD was broken during the downside move.
  • The price traded as low as $12.86, and currently looks set for more declines.

Ethereum price after failing to close above a major pivot area against the US Dollar traded lower, and declined below a crucial support.

Ethereum Price Resistance

Ethereum price was under pressure against the US dollar, and there were some bearish moves. The most disappointing part was the fact that the price broke a couple of important support levels. It also failed to hold the bullish bias, which ignited a downside move. It all started with a break below the 61.8% Fib retracement level of the wave from the $12.89 low to $13.34 high.

Moreover, the Ether sellers also managed to break yesterday’s highlighted bullish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD. Not only this, but the price also settled below the 100 hourly simple moving average. So, it is quite clear that the price settled below a major support area. We can say that there is

Read more ... source: NewsBTC USA

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