Ethereum Price Technical Analysis

Ethereum price recently struggled to trade with a positive tone, and as a result, there was a downside move taking ETH/USD towards $10.00-10. The price looks like under a bearish pressure, which could result in more losses in the near future.

There is a descending channel pattern formed on the hourly chart (data feed via Kraken), which is acting as a catalyst for the price. On the upside, the channel resistance area is coinciding with the 100 simple moving average. So, it means the $11.00 area is a major resistance for ETH/USD and the price may struggle to break it. It can also be seen as a sell zone and one might consider selling near it. In that situation, a stop should be an hourly close above the 100 SMA.

On the downside, the last low of $10.10 can be seen as a short term support. A break below it may call for a test of $10.00, which holds the key for ETH/USD in the near term.

Hourly MACD – The MACD just changed the slope to bullish, which means the price could trade near the channel resistance area.

Hourly RSI – The RSI is just above the 50 level, calling for a minor upside moving ahead.

Intraday Support Level – $10.10

Intraday Resistance Level – $11.00