- Ethereum price continued to face sellers against the US Dollar, and moved down intraday.
- Yesterday’s highlighted bearish trend line on the hourly chart (data feed via Kraken) of ETH/USD continued to act as a resistance area.
- The price is now below the 100 hourly simple moving average, which might ignite more downsides.
Ethereum price is struggling to gain momentum, and if the trend line resistance holds, more losses are likely in the short term.
Ethereum Price Resistance
Ethereum price ETH attempted to trade higher on a couple of occasions versus the US Dollar yesterday, but it failed to gain the momentum. The main hurdle for the upside move was yesterday’s highlighted bearish trend line on the hourly chart (data feed via Kraken) of ETH/USD. The trend line resistance acted as a barrier and prevented gains.
Moreover, the 23.6% Fib retracement level of the last leg from the $15.10 high to $13.70 low is also playing its part well in stopping the upside move along with the trend line. The last but not the least, the 100 hourly simple moving average is also positioned just around the trend line resistance. Overall, there is a major resistance formation at $14.00.
Read more ... source: TheBitcoinNews