- Ethereum price after trading as low as $9.14 against the US Dollar intraday managed to recover.
- However, yesterday’s highlighted bearish trend line on the hourly chart (data feed via Kraken) of ETH/USD is still in place and may continue to act as a resistance.
- The price is also below the 100 hourly simple moving average, which is a bearish sign in the short term.
Ethereum price stayed above the last swing low of $9.00, but it also stayed below an important resistance area against the USD.
Ethereum Price Resistance
There seems to be no relief for Ethereum, as the price continued to trade down against the US Dollar. It almost tested the last swing low of $8.88, but somehow managed to stay above it. However, during the downside move it broke the 61.8% Fib retracement level of the last leg from the $8.88 low to $10.76 high, which puts it at a risk of more losses.
The most important point is the fact that the price remained below yesterday’s highlighted bearish trend line on the hourly chart (data feed via Kraken) of ETH/USD. There is a possibility that the bulls may attempt to take the price higher towards the highlighted trend line and resistance. However, we need to see whether there can be a break above it or not.
The 100 hourly simple moving average is sitting just above the trend line resistance. So, we can say that there is not one, but two barriers for the price on the upside. Selling can be considered as long as the price remains below the highlighted trend line resistance or the 100 hourly SMA.
Hourly MACD – The MACD is still in the bearish zone, which is a negative sign.
Hourly RSI – The RSI is approaching the neutral 50 level, which raises a minor possibility of a break in the short term.
Major Support Level – $9.50
Major Resistance Level – $10.10
Charts courtesy – SimpleFX