Ethereum Price Technical Analysis – Trend Line Resistance Playing Well

Key Highlights

  • ETH price continued to face sellers against the US dollar, as yesterday’s resistance area of $11.40 remained intact.
  • Moreover, yesterday’s highlighted bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD continued to act as a barrier for the buyers.
  • As long as the price is below the trend line resistance, there can be another dip below the recent low.

Ethereum price ETH failed once again near a bearish trend line, which may continue to act as a hurdle for a recovery in ETH/USD.

Ethereum Price Barrier

Ethereum price ETH managed to climb a few points yesterday against the US Dollar, but failed to break an important resistance area above $11.00. There were two things, which acted as a barrier and stopped gains in ETH. First, the 50% Fib retracement level of the last drop from the $12.03 high to $10.59 low. Second, yesterday’s highlighted bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD.

Both the hurdles acted as a resistance and enabled sellers to push the price down once again. Now, the trend line has moved down further and the fib level to act as a resistance changed. It is now the 38.2% Fib retracement level of the last drop from the $12.03 high to $10.59 low. Overall, a new resistance to eye is at $11.10-20.

Ethereum Price Technical Analysis

Ethereum Price Technical Analysis

Not to forget, the price is also below the 100 hourly simple moving average, which is another resistance on the upside. On the downside, an immediate support can be around $10.80, followed by $10.60. In my view, there can be another dip before the price can gain traction.

Hourly MACD – The MACD is currently in the bearish zone, but slowly showing signs of a recovery.

Hourly RSI – The RSI just moved away from the 50 level, signaling continuing weakness.

Major Support Level – $10.80

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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