- Ethereum price is struggling to clear a major resistance area around 0.00390BTC-0.0040BTC.
- There is a bearish trend line formed on the hourly chart, which is acting as a hurdle for buyers.
- The price is struggling to settle above the 100 hourly simple moving average, which is a negative sign.
Ethereum price is under a bearish pressure, as buyers failed on many occasions to break a major resistance trend line.
Can it be broken?
The Ethereum price was seen struggling many times to break a crucial bearish trend line formed on the hourly chart. There were at least 6-7 attempts to clear the highlighted trend line, but every time buyers take the price higher, they fail to break the trend line. Now, the 100 hourly simple moving average is also aligned with the trend line, so we can say that there is a major resistance forming around 0.00390BTC. Moreover, the 61.8% Fib retracement level of the last drop from 0.0042BTC to 0.00348BTC is also positioned around the trend line to act as a barrier for buyers.
If the price manages to settle above