Ethereum Price Technical Analysis – New Low In ETH

Key Highlights

  • ETH price fell further against the US Dollar and formed a new low of $11.14 for this week.
  • Yesterday’s highlighted resistance area in the form of a channel pattern on the hourly chart (data feed via SimpleFX) of ETH/USD acted as a perfect resistance.
  • The pair remains below a crucial resistance, which can be a hurdle for a recovery.

Ethereum price declined during the past 24 hours against the US Dollar. Can this be the last decline before a reversal?

Ethereum Price Resistance

Ethereum price struggle to clear the $11.50-60 resistance area continued this week. My yesterday’s highlighted channel pattern on the hourly chart (data feed via SimpleFX) of ETH/USD played a major role. Its upper trend line provided offers and pushed the price lower. There was a break below the yesterday’s low and a new weekly low of $11.14 was formed.

The price is currently recovering and facing resistance near the 23.6% Fib retracement level of the last drop from the $12.30 high to $11.14 low. However, the most important resistance is near the 100 hourly simple moving average. The stated MA is also coinciding with a bearish trend line on the hourly chart. Moreover, the 38.2% Fib retracement level of the last drop from the $12.30 high to $11.14 low is also around the same trend line.

Ethereum Price Technical AnalysisEthereum Price Technical Analysis

So, we can say that it won’t be easy for the ETH bulls to break the $11.50 resistance area. However, if the recent low is a perfect 5-wave pattern in ETH/USD, then there is a chance of a move higher. In my view, we should wait for a break and then see how the price trades in the near term.

Hourly MACD – The MACD is in the bearish zone, but it is losing grip now.

Hourly RSI – The RSI is just below the 50 level, and attempting to move above it.

Major Support Level – $11.50

Major Resistance Level – $11.20

 

Charts courtesy – SimpleFX

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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