Ethereum Price Technical Analysis – ETH/USD Failed Upside

Key Highlights

• ETH price after trading as high as $10.45 against the US Dollar found resistance, and moved down.
• There was an ascending channel pattern formed on the hourly chart of ETH/USD (data feed via SimpleFX), which was broken recently towards the downside.
• The pair is back in the bearish zone, and may continue to move down in the near term.

Ethereum price managed to trade higher, but found sellers near $10.40-10.45, and now ETH/USD is likely heading lower towards $10.10.

Ethereum Price Downside

There was no major joy for ETH price against the US Dollar, as after an upside move above a bearish trend line, it found sellers near $10.40-10.45. The same levels were highlighted in yesterday’s post since there was a break above the 23.6% Fib retracement level of the last decline from the $10.84 high to $10.15 low. There was a chance of it acting as a resistance, and it did. The price failed near $10.45, and started a downside move.

Another important point was the failure to break the 100 hourly simple moving average. Moreover, the price also failed near the 38.2% Fib retracement level of the last decline from the $10.84 high to $10.15 low. During the upside, there was an ascending channel pattern formed on the hourly chart of ETH/USD (data feed via SimpleFX). However, when the price moved down, it broke the channel support at $10.30 and started moving down.

Now, the price is well below the channel support area and looks set for a move towards $10.10. If the current trend continues, there is even a chance of a complete test of $10.00 in the short term.

Hourly MACD – The MACD has just moved from the bearish to bullish zone, calling for a downside move.

Hourly RSI – The RSI has slipped below the 50 level, which is a bearish sign.

Major Support Level – $10.10

Major Resistance Level – $10.40

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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