Ethereum Price Technical Analysis – ETH Targets Fresh Lows?

BitsPlan

Key Highlights

  • ETH price after trading a few points higher found resistance and traded lower.
  • Yesterday’s highlighted bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD is acting as a perfect barrier for an upside move.
  • A break above it is needed for the ETH buyers to take control and push the price higher.

Ethereum price remained under a major resistance trend line against the US Dollar, and it looks like ETH/USD may continue to face sellers on the upside.

Ethereum Price hurdle

I have been tracking a monster bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD. It acted as a resistance on many occasions, and the recent failures were also around the same trend line. Yesterday, the price traded towards the 50% Fib retracement level of the decline from the $10.63 high to $9.44 low, but failed to gain traction.

The same trend line along with the stated fib level acted as a hurdle for the ETH buyers and prevented an upside move. The price recently failed near the trend line and moved below the 50% Fib retracement level of the wave from the $9.44 low to $10.23 high. So, there is a high risk

Read more ... source: NewsBTC USA

NO COMMENTS