Ethereum Price Weekly Analysis – Test of Buyers Patience

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Key Highlights

  • Ethereum price continued to move down against the US Dollar, and traded below the $10.00 level.
  • There are a few bearish trend lines formed on the 4-hours chart of ETH/USD (data feed via SimpleFX), which are acting as a downside move catalyst.
  • The ETH bulls need to fight hard for an upside move with resistances near $10.25 and $10.55.

Ethereum price declined further this past week versus the US dollar, and it looks like ETH/USD buyers are really struggling at the moment.

Ethereum Price Resistances

ETH price declined this week, and recently broke the $10.00 support area for a move towards the $9.50 level. The ETH/USD pair is currently recovering, but there are many resistance levels on the way up. It has already broken the 50% Fib retracement level of the last wave from the $9.24 low to $11.35 high. So, there are chances of it extending the downside move, and test the full swing low of $9.24.

An initial resistance is currently around a bearish trend line formed on the 4-hours chart of ETH/USD (data feed via SimpleFX). However, the most important resistance is near the 100 simple moving average (4-hours), which is at $10.55. It is crucial since there

Read more ... source: NewsBTC USA

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