Ethereum Price Technical Analysis – Monstrous Resistance For ETH

Key Highlights

  • ETH price failed once again to clear a major resistance area against the US Dollar, and was seen trading in a range.
  • I highlighted a bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD this week, which is still acting as a monstrous resistance for ETH.
  • The price attempted at least 10 times to break it, but failed to gain traction.

Ethereum price ETH struggle to clear a monster resistance trend line continues. The buyers have to clear it in order to take the price higher.

Ethereum Price Range

Ethereum price ETH attempted to clear a bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD yesterday, but failed. I have been tracking the highlighted trend line for a few days, and stated yesterday that it holds the key in the short term. The price continued its struggle to break it and trade above it, which is not a good sign for the bulls.

During the past 10 hours, there were at least 6 attempts to break the highlighted bearish trend line. It clearly shows the price is lagging momentum to move higher, which may result in a downside move. The price is currently

Read more ... source: NewsBTC USA

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