- 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