- 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