Key Highlights
- ETH price struggled to hold gains above 0 and declined sharply against the US Dollar.
- Recently, there was a break above a bearish trend line with resistance at 7 on the 4-hours chart of ETH/USD (data feed via Kraken).
- The pair has to close above 7 and the 100 simple moving average to move back in a bullish zone.
Ethereum price is moving with bearish signs versus the US Dollar and Bitcoin. ETH/USD must clear the 0 and 7 resistances to climb higher.
Ethereum Price Resistances
This past week, there was a solid upside move above the 0 level in ETH price against the US Dollar. The ETH/USD pair traded above the 0 level, but it failed to hold gains. As a result, there was a bearish reaction and the price declined below the 0 and 5 support levels. The price even declined below the 0 support and the 100 simple moving average (4-hours).
It traded close to the 5 level and a low was formed near 9. Later, the price started an upside move and broke the 0.00 resistance. There was also a break above the 23.6% fib retracement level of the last drop from the 7 swing high to 9 low. Moreover, there was a break above a bearish trend line with resistance at 7 on the 4-hours chart of ETH/USD. However, the price struggled to move above the 5 level and the 100 SMA. Above the 100 SMA, the next resistance is near 7 and the 50% fib retracement level of the last drop from the 7 swing high to 9 low.
The above chart indicates that the price needs to gain momentum above 5 and 7 levels to move back in a bullish zone. If it fails to break the 7 resistance, it could decline sharply back towards the 5 and 2 support levels.
4-hours MACD – The MACD is mostly flat in the bearish zone.
4-hours RSI – The RSI is currently neutral around the 50 level.
Major Support Level – 5
Major Resistance Level – 7
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