Ethereum Price Technical Analysis – ETH/USD Facing Hurdles

Key Highlights

• ETH price crawled higher above the $45.20 resistance against the US Dollar, but faced hurdles near $46.80.
• There is a new connecting bearish trend line with resistance at $46.80 formed on the hourly chart (ETH/USD, data feed via SimpleFX).
• The price is once again heading lower, but may find support near $43.20.

Ethereum price traded higher yesterday towards $47 against the US Dollar, but found sellers and now ETH/USD is moving down again.

Ethereum Price Resistance

Yesterday, we saw how ETH price managed to move above the $43.20 resistance against the US Dollar. There was a break above a couple of important resistance levels, including $44.00. The price even traded above the 38.2% Fib retracement level of the last decline from the $51.35 high to $40.80 low. Later, the price faced sellers around the $46.10-46.80 resistance area, as highlighted in yesterday’s post.

The upside move found resistance near $46.80, which is technical resistance. It is just above the 50% Fib retracement level of the last decline from the $51.35 high to $40.80 low. Moreover, the 100 hourly simple moving average is also around $46.50. Lastly, there is a new connecting bearish trend line with resistance at $46.80 formed on the hourly chart of ETH/USD. This is the reason why the price was not able to close above $47.00, and moved down.

The price is currently trading below the $45 level, and might be heading towards the $43.20 support area. Any further downside might call for a move towards $42.00. On the upside, the trend line resistance has moved down to $46.20. So, we need to keep an eye on $46.20 and $46.80 resistance area. As long as the price is below the 100 hourly SMA and $47, it may decline further.

Hourly MACD – The MACD is attempting to head back into the bearish zone.

Hourly RSI – The RSI is now below the 50 level.

Major Support Level – $43.20

Major Resistance Level – $46.20

 

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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