Ethereum Price Technical Analysis – ETH/USD Faces Renewed Pressure

Key Highlights

• ETH price seems to be struggling near the $10.58-10.60 levels against the US Dollar.
• Yesterday’s highlighted connecting resistance trend line on the hourly chart of ETH/USD (data feed via SimpleFX) continued to act as a barrier near $10.56.
• The price is now moving back down, and may find support near the 100 hourly simple moving average at $10.35.

Ethereum price after an upside move faced sellers near $10.58 against the US Dollar, and it looks like ETH/USD is back under a minor bearish pressure.

Ethereum Price Support

We saw yesterday how there was a nice upside move in ETH price against the US Dollar towards $10.60. However, it looks like the price failed to hold the bullish trend. There was a resistance near $10.58, which pushed the price down. More importantly, yesterday’s highlighted connecting resistance trend line on the hourly chart of ETH/USD (data feed via SimpleFX) prevented gains near $10.56.

The price started moving down, and broke the last swing low of $10.40 for a low at $10.25. Once again the price recovered, but there was a bearish trend line that acted as a resistance. The price is once again moving down. It already broke the 23.6% Fib retracement level of the last wave from the $10.25 low to $10.52 high. It may continue to move down. However, there is a support visible at 100 the hourly simple moving average at $10.35.

Moreover, the 61.8% Fib retracement level of the last wave from the $10.25 low to $10.52 high is also at $10.35. So, we may witness a bounce in ETH/USD from the $10.35 support. If it fails to hold, then a retest of the last swing low $10.25 is possible.

Hourly MACD – The MACD is attempting to move back in the bearish zone.

Hourly RSI – The RSI is just below the 50 level, and signaling caution.

Major Support Level – $10.35

Major Resistance Level – $10.50

Charts courtesy – SimpleFX

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.

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