- 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.