Ethereum Price Technical Analysis – ETH/USD Selling Worked

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Key Highlights

  • ETH price extended its downside versus the US Dollar, and selling rallies worked.
  • Yesterday’s highlighted monster resistance area on the hourly chart (data feed via SimpleFX) of ETH/USD acted as a perfect sell zone.
  • The price may correct a few points from the current levels, but remains in a bearish zone.

Ethereum price declined further against the US Dollar, and it looks like that ETH/USD sellers are back in control for the short-term.

Ethereum Price Sell

Ethereum price as mentioned yesterday traded below a major support area against the US Dollar, and was seen under a lot of pressure. There was a sharp downside move, taking the price below $12.80. A new weekly low of $12.49 was formed (data feed via SimpleFX). The price after testing yesterday’s broken support area found sellers and started moving down.

Yesterday, I highlighted that one may even consider selling near the highlighted resistance area in the short term. The idea did work, and the price moved down. Currently, the price is recovering. It has moved above the 23.6% Fib retracement level of the drop from the $13.34 high to $12.49 low. The most important resistance on the upside is around a bearish trend line formed

Read more ... source: NewsBTC USA

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