Ethereum Price Technical Analysis – ETH Testing Resistance

Key Highlights

  • ETH price after a couple of spikes lower against the US Dollar managed to recover.
  • There is a new bearish trend line formed along with a support on the hourly chart (data feed via SimpleFX) of ETH/USD.
  • A break either lower or higher is needed for the next move in ETH/USD.

Ethereum price managed to bounce a couple of times from the lows and currently attempting to break a major resistance area.

Ethereum Price Bearish Trend Line

Ethereum price ETH struggled during yesterday versus the US Dollar and traded lower on a few occasions. However, the ETH buyers appeared later and prevented a downside move. The price finally bounced and moved back above the $10.60 level. Currently, the buyers are attempting to break a bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD.

The trend line is also positioned with the 100 hourly simple moving average. Moreover, the 50% Fib retracement level of the last drop from the $11.28 high to $10.52 low is also around the trend line. So, we can safely say that the price is currently trading near a major resistance area. If there is a break above the resistance, then there are chances of more upsides in the near term.

Ethereum Price Technical Analysis Ethereum Price Technical Analysis

On the downside, there is a minor support trend line formed on the same chart. It may continue to act as a buying zone for the pair. There are a few positive signals on the charts, which may help the pair to break higher and trade above the $11.00 level. My view remains the same, we should avoid selling ETH at this point, and wait for a move higher.

Hourly MACD – The MACD just changed the slope from the bearish to bullish zone.

Hourly RSI – The RSI is also above the 30 level, which is a positive sign.

Major Support Level – $10.50

Major Resistance Level – $11.00


Charts courtesy – SimpleFX

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