Ethereum Price Technical Analysis – ETH/USD Struggling Near $12.10

Key Highlights

  • ETH price attempted another upside move as forecasted against the US Dollar, but failed to break the $12.10 resistance.
  • The main highlighted bullish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD is still in place on the downside acting as a support.
  • There is a chance of a minor dip in the price if it continues to find sellers on the upside.

Ethereum price jumped higher once again versus the US Dollar, but the $12.10 level managed to prevent the upside move in ETH/USD.

Ethereum Price Resistance

Ethereum price managed to spike another time recently against the US Dollar to trade towards the last swing high of $12.10. However, the ETH sellers appeared once again, and prevented the upside move. The price failed miserably, and moved down. A clear rejection pattern is visible on the hourly chart of ETH/USD (data feed via SimpleFX).

The Ether traders are not showing any importance to the 23.6% Fib retracement level of the last wave from the $11.15 low to $12.12 high. The price is now below it, and may be heading towards $11.74. The stated level may act as a support zone, as yesterday’s highlighted bullish trend line on the hourly chart

Read more ... source: NewsBTC USA