Ethereum Price Technical Analysis – Trend Line Resistance Holding

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Key Highlights

  • ETH price continued to challenge an important resistance area against the US Dollar, but failed to break it.
  • There is a bearish trend line as highlighted yesterday on the hourly chart (data feed via SimpleFX) of ETH/USD, which is acting as a resistance.
  • The pair is slowly stabilizing, and may attempt another break of the trend line resistance.

Ethereum price is currently trading below a resistance trend line and struggling to break it. If the ETH bulls succeed, it may call for an upside move.

Ethereum Price Hurdle

Ethereum price remained above a major support area against the US Dollar, and was seen trading in a range for most of the time. The ETH bulls attempted to take the price higher on a couple of occasions, but failed to take it above the $11.92 level. The most important hurdle on the upside for the buyers is around yesterday’s highlighted bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD. It is acting as a monster resistance and preventing an upside move.

Moreover, the 61.8% Fib retracement level of the last drop from the $12.22 high to $11.46 low also acted as a resistance and stopped the upside move.

Read more ... source: NewsBTC USA

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