Ethereum Price Weekly Analysis – ETH Poised For Correction

Key Highlights

  • Ethereum price traded close to the $12.70 level this past week against the US Dollar, but found sellers.
  • There is a monster bearish trend line formed on the daily chart of the ETH/USD pair (data feed via SimpleFX), which acted as a barrier for an upside move.
  • The price is also below the 100-day simple moving average, which is not a good sign for the ETH bulls.

Ethereum price is struggling to break a major hurdle on the daily chart versus the US Dollar, which poses a threat of a short-term downside move.

Ethereum Price Correction

Ethereum price ETH managed to spike towards the $12.70 level during the start of this past week against the US Dollar. There were offers presented around the stated level, and the price moved down. Another reason was a monster bearish trend line formed on the daily chart of the ETH/USD pair (data feed via SimpleFX). It acted as a perfect resistance for ETH and stopped upside move.

The last but not the least, the 100-day simple moving average was also around the same bearish trend line. So, we can say the recent failure around the $12.70 level was crucial and may ignite a short-term correction.

Read more ... source: NewsBTC USA

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