Ethereum Price Technical Analysis – ETH/USD Facing Uphill Task

Key Highlights

• ETH price made a recovery above the $12.50 level, but still facing sellers near $12.75 against the US Dollar.
• There is a clear major resistance formed near $12.75-80 on the hourly chart of ETH/USD (data feed via SimpleFX).
• On the downside, there is a connecting trend line with support at $12.58 formed.

Ethereum price recovered from yesterday’s losses against the US Dollar, bur the ETH/USD pair is still facing a major hurdle near $12.75.

Ethereum Price Resistance

We saw a downside move in ETH price towards $12.07 level against the US Dollar yesterday. Later, the price recovered, and even managed to move back above the $12.55 resistance area. There was even a move above the 50% Fib retracement level of the last decline from the $13.24 high to $12.07 low. However, the upside was limited, as the price faced sellers near the $12.75-80 resistance area.

It represents the same old range resistance around $12.75, which is clearly visible on the hourly chart of ETH/USD (data feed via SimpleFX). The price may continue to face offers near the highlighted resistance area and might test the $12.55 support. It was a major range support earlier, and may come into action one more time. There is also a connecting trend line with support at $12.58 formed on the same chart, which could act as a support.

The price is now just above the 100 hourly simple moving average, but there is momentum. ETH needs to break the $12.75-12.80 resistance area to ignite further gains. If it continues to fail near the range high, there can be another downside break towards $12.40. In my view, staying on the sidelines is the best deal at the moment.

Hourly MACD – The MACD is just in the bullish zone with no momentum.

Hourly RSI – The RSI has managed to move back above the 50 level.

Major Support Level – $12.40

Major Resistance Level – $12.80

 

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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