Ethereum Price Technical Analysis – ETH/USD Struggle Continues

Key Highlights

  • ETH price attempted a minor recovery against the US Dollar and Bitcoin, but failed to gain momentum.
  • There are a couple of bearish trend lines formed on the hourly chart (data feed via SimpleFX) of ETH/USD, which are acting as a resistance.
  • As long as there is no break above these trend lines, there is a chance of further declines.

Ethereum price struggle to recover against the Bitcoin and the US Dollar continues. It looks like ETH/USD may decline further in the short term.

Ethereum Price Resistance

It looks like even a successful Ethereum 4th Hard fork was not able to ignite an upside move in ETH price. It struggled to retain the bullish bias against the USD and BTC, and moved down. The ETH/USD pair is once again heading towards the last swing low of $8.44, and almost tested it. There was a new weekly low to start with at $8.54 where there was some buying interest, taking the price higher.

The price is currently recovering, and trading near the 23.6% Fib retracement level of the decline from the $9.58 high to $8.54 low. It is currently acting as a resistance and stopping the upside move. However, the most important hurdle on the upside is in the form of a couple of bearish trend lines formed on the hourly chart (data feed via SimpleFX) of ETH/USD. These trend lines prevented an upside move in many occasions, and hold a lot of significance.

Ethereum Price Technical Analysis Ethereum Price Technical Analysis

If there is a break above these trend lines, then there is a chance of further gains in ETH/USD in the near term. Otherwise, the price remains at a major risk of more declines back towards the $8.50 level.

Hourly MACD – The MACD is now strongly in the bearish slope, and showing any major recovery sign.

Hourly RSI – The RSI is well below the 50 level, but starting pointing north.

Major Support Level – $8.50

Major Resistance Level – $8.80

 

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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