Ethereum Price Technical Analysis – ETH/USD


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.

Ethereum Price Technical Analysis

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


Comments:

Leave a Reply

Your email address will not be published. Required fields are marked *