Ethereum Price Technical Analysis – Is This Recovery Real?

Key Highlights

  • Ethereum price managed to correct a few points against the US dollar and traded above the $10.00 level.
  • There is a bearish trend line formed on the hourly chart (data feed via Kraken) of ETH/USD, which is acting as a resistance for an upside move.
  • The price may continue to struggle in the short term as long as it is below the trend line resistance.

Ethereum price recovered against the US Dollar intraday, but it remains at a risk of more losses as long as it is below the 100 hourly SMA.

Ethereum Price Sell?

Yesterday, I highlighted a couple of trend lines and resistances, and mentioned that the price may struggle to clear them in the near term. There was no respite for the ETH/USD pair, as it remained below resistances and slowly started grinding lower. The most important point is that the price failed to close above the 100 hourly simple moving average, which is a major barrier for the ETH bulls.

Currently, there is a bearish trend line formed on the hourly chart (data feed via Kraken) of ETH/USD, which is acting as a hurdle for more gains and pushing the price down. The pair traded close to the Read more ... source: NewsBTC USA

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