Ethereum Price Technical Analysis – ETH Struggle Continues

Key Highlights

  • ETH price moved down during the past few sessions against the US Dollar, and struggled to gain traction.
  • There is a connecting bearish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD, which is acting as a resistance.
  • The pair is currently struggling to gain bids for a move higher, which is a concern for the bulls.

Ethereum price slowly moved down from the $11.20 high and currently under a minor bearish pressure versus the US Dollar.

Ethereum Price Resistance

Ethereum price ETH traded positively against the US dollar until it found sellers near $11.20. There was a downside move in ETH/USD, which pushed the pair below the 100 hourly simple moving average. There was a new low of $10.52 formed, as the price slowly moved down. Currently, there is a bearish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD, which is acting as a hurdle.

On the upside, the price may continue to face resistance along with the 50% Fib retracement level of the last drop from the $11.09 high to $10.52 low. The ETH buyers need to break the highlighted trend line resistance to be back in action. If we look at the indicators, then there are a few converging signs. If buyers succeed in pushing the price above the trend line, then there is a chance of a test of the 76.4% Fib retracement level of the last drop from the $11.09 high to $10.52 low.

Ethereum Price Technical Analysis Ethereum Price Technical Analysis

On the downside, we need to keep an eye on the $10.50 level, which is a major support area. In my view, selling should be avoided in ETH, as it may climb higher anytime.

Hourly MACD – The MACD is currently in the bearish zone with no signs of a recovery.

Hourly RSI – The RSI is just around the 30 level, and struggling to move higher.

Major Support Level – $10.50

Major Resistance Level – $11.00

 

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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