Ethereum Price Technical Analysis – Perfect Trend Line Resistance

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Key Highlights

  • ETH price after a minor rise yesterday towards 10.50 found sellers against the US Dollar, and moved down.
  • Yesterday’s highlighted a few bearish trend lines formed on the hourly chart (data feed via SimpleFX) of ETH/USD acted as a perfect resistance.
  • The price may continue to move lower towards $10.10 as the bearish pressure is intact.

Ethereum price corrected and moved down once again versus the US Dollar. Yesterday’s trend line acted as a perfect resistance for ETH/USD.

Ethereum Price Downside Move

ETH price attempt to recover the ground failed, as it moved down once again versus the US Dollar. The bearish pressure on the ETH/USD pair was intact, which disabled the buyers to take the price higher. There was a move above the 38.2% Fib retracement level of the decline from the $11.09 high to $10.107 low, but there was no increase in the bullish momentum.

The upside move found resistance near a crucial juncture. Yesterday, I highlighted a few bearish trend lines formed on the hourly chart (data feed via SimpleFX) of ETH/USD. The first trend line acted as a perfect barrier and prevented an upside move. Moreover, the failure was also around the 50% Fib retracement level of the decline

Read more ... source: NewsBTC USA

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