Ethereum Price Technical Analysis – ETH/USD Losing Grip?

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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

Read more ... source: NewsBTC USA