- ETH price attempted a minor bounce against the US Dollar, but faced sellers near $10.40.
- There is a bearish trend line formed on the hourly chart of ETH/USD (data feed via SimpleFX), which has a resistance near $10.30.
- On the downside, the $10.20 low is acting as a support and preventing losses.
Ethereum price somehow remained above the $10.20 support against the US Dollar, but ETH/USD faces sellers on the upside near $10.30-10.40.
Ethereum Price Resistance
There was a continuous selling pressure on ETH price against the US Dollar with resistance near $10.30-10.40. There is a descending slope forming, which is slowly contracting. It has a support at $10.20 that acted as a barrier for sellers on more than two occasions. The price is currently moving higher, but faces a major resistance near $10.30.
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The stated level $10.30 also coincides with a bearish trend line formed on the hourly chart of ETH/USD (data feed via SimpleFX). So, it could act as a major hurdle for an upside move. Another important point is the fact that the 100 hourly simple moving average is also positioned near $10.30. The price at the moment trading around the 23.6% Fib retracement level of the last decline from the $10.47 high to $10.20 low.
However, the trend line resistance is near the 38.2% Fib retracement level of the last decline from the $10.47 high to $10.20 low. So, we can say that the $10.30 level is a clear major resistance, and could stop the upside move. On the other hand, a break above it could ignite more gains in the near term with the next hurdle at $10.40.
Hourly MACD – The MACD is back in the bearish zone with no sign of a bullish change.
Hourly RSI – The RSI has slipped below the 50 level, and suggesting more losses.
Major Support Level – $10.20
Major Resistance Level – $10.30
Charts courtesy – SimpleFX
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