Ethereum Price Technical Analysis – ETH/USD Losing Grip?

Key Highlights

  • ETH price after a minor correction against the US Dollar and Bitcoin found sellers, and currently struggling to hold the momentum.
  • There was a minor bullish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD, which was broken during the recent downside.
  • The $8.00 support level holds a lot of importance if the buyers have to take the price higher.

Ethereum price is once again seems to be struggling against the US Dollar and Bitcoin. ETH/USD buyers need to appear soon else there can be more declines.

Ethereum Price Support

ETH price traded as high as $8.51 against the US Dollar before it found sellers. There were offers presented, which ignited a downside wave in ETH/USD. The pair during the downside move broke a couple of support levels. First, the 23.6% Fib retracement level of the last wave from the $7.61 low to $8.51 high was cleared. Second, the price even broke a minor bullish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD.

It is important to note that the price struggled to clear the 100 hourly simple moving average, and traded lower. Currently, the 50% Fib retracement level of the last wave from the $7.61 low to $8.51 high is attempting to prevent the downside move. However, the bearish momentum is increasing slowly. So, the ETH buyers need to appear soon and protect the $8.00 support.

Ethereum Price Technical Analysis Ethereum Price Technical Analysis

A break below the stated level may ignite more losses in the short term. If the $8.00 support holds, then the broken trend may act as a resistance. The most importance hurdle for the buyers on the upside is around the 100 hourly simple moving average.

Hourly MACD – The MACD is about to move into the bearish zone.

Hourly RSI – The RSI is well below the 50 level, which is a negative sign.

Major Support Level – $8.00

Major Resistance Level – $8.30

 

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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