- Ethereum price continued to face a lot of hurdles this past week against the US Dollar and Bitcoin.
- There is a monster bearish trend line formed on the 4-hours chart of ETH/USD (data feed via SimpleFX), acting as a resistance on the upside.
- A break and a daily close above the $10.00 level is needed for the price to gain momentum.
Ethereum price remained under a lot of bearish pressure versus the USD to trade towards $9.20. Let’s see if ETH/USD can recover or not.
Ethereum Price Recovery Possible?
Every time ETH price attempted a recovery this past week it faced sellers not only against the US Dollar, but also versus the Bitcoin. The ETH/USD pair declined and traded as low as $9.29 where the buyers just managed to protect the downside. It is currently attempting to correct higher, and trading just above the 23.6% Fib retracement level of the last decline from the $10.20 high to $9.29 low.
It is clearly struggling to gain momentum, and it looks like buyers are not finding any reason for now to take the price higher. There are many resistances on the upside like $9.70 and $10.00. The most important one is around a