Ethereum Price Technical Analysis – ETH/USD Continues To Face Sellers

Key Highlights

• 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.

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

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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