Ethereum Price Technical Analysis – Heading Towards Resistance

Key Highlights

  • Ethereum price after moving below the $12.00 support area against the US Dollar started recovering.
  • However, the ETH/USD pair is heading towards a major resistance area around the $13.50 level.
  • This week’s highlighted bearish trend line on the hourly chart (data feed via Kraken) of ETH/USD is still intact and may act as a barrier for the buyers.

Ethereum price started recovering Intraday against the US Dollar, but it looks like the upside may stall as there is a major resistance around $13.50.

Ethereum Price Resistance

Ethereum price ETH after falling close to the $11.30 level against the US Dollar managed to find support and started to correct higher. During the upside move, it managed to break the 23.6% Fib retracement level of the last drop from the $15.10 high to $11.32 low, and traded just a few points above the 38.2% Fib retracement level of the same wave.

However, there is a major resistance positioned on the upside around the $13.50 levels, as this week’s highlighted bearish trend line on the hourly chart (data feed via Kraken) of ETH/USD is aligned with the 100 hourly simple moving average. So, it won’t be easy for the price to break the highlighted resistance area on the

Read more ... source: TheBitcoinNews

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