Ethereum Price Technical Analysis – ETH/USD Strength Short-lived

Key Highlights

• ETH price managed to trade higher above $10.20 against the US Dollar, but failed to hold gains.
• There was a bearish trend line (as highlighted in yesterday’s post) on the hourly chart (data feed via SimpleFX) of ETH/USD, which was cleared for an upside move.
• The price traded as high as $10.37 where it found sellers and moved down.

Ethereum price after an upside move towards $10.40 versus the US Dollar failed. ETH/USD is now back trading below $10.20 with support near $9.60.

Ethereum Price Failed Upside?

Yesterday, there were a few bearish signs for ETH price against the US Dollar, but later it found support and started moving higher. The upside move was strong, as the price moved past a couple of important resistance levels. First, the 50% Fib retracement level of the last decline from the $10.58 high to $9.00 low was cleared. Second, the price managed to clear the 100 hourly simple moving average at $9.45.

The most important move was above yesterday’s highlighted bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD. It opened the doors for further gains, and the price moved above the 61.8% Fib retracement level of the last decline from the $10.58 high to $9.00 low. There was a new intraday high formed near $10.37 where sellers emerged and pushed the price down.

There looks like a strong rejection pattern, as the price moved down below the 38.2% Fib retracement level of the last wave from the $9.37 low to $10.37 high. The last few candles on the chart are bearish, and suggest that the price may correct further towards the $9.75 level or even test $9.60.

Hourly MACD – The MACD is reducing the newly formed bullish slope.

Hourly RSI – The RSI has down sharply and currently just above the 50 level.

Major Support Level – $9.60

Major Resistance Level – $10.20

 

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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