Ethereum Price Technical Analysis – Heading Towards Resistance

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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 chart and move above it.

Ethereum Price Technical Analysis

Ethereum Price Technical Analysis

An initial resistance can also be around the Fib retracement level of the last drop from the $15.10 high to $11.32 low, which is just below the 100 hourly SMA. Overall, as long as the price is below the highlighted resistance area, one may consider a sell trade with a stop of a close above the 100 hourly SMA.

Hourly MACD – The MACD is about to move to the bearish slope, which is a bearish sign.

Hourly RSI – The RSI is just around the 50 level, and calling for a break for the next move.

Major Support Level – $12.00

Major Resistance Level – $13.50

 

Charts courtesy of Kraken via Trading View

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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