- 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 the trend line and resistance area, then the next hurdle could be around the 76.4 Fib level. Any further gains could take the price towards the last swing high of 0.00420BTC. There are a few bearish signs to note, like the hourly RSI is below the 50 level, which can encourage sellers moving ahead.
If the price moves lower and fails to trade higher, then an initial support can be seen around the Lower Bollinger Band sitting around 0.00375BTC. A break below it could take the price towards the last low of 0.00348BTC.
Intraday Support Level – 0.00376BTC
Intraday Resistance Level – 0.00390BTC
The hourly RSI and MACD are in the bearish zone, pointing more losses.
Charts courtesy of Trading View