- ETH price declined recently below 0 and tested the key 2 support area against the US Dollar.
- Yesterday’s highlighted important bearish trend line is intact with resistance at 8 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is currently consolidating below the 8 and 0 resistance, with a few positive moves.
Ethereum price is placed in a bearish zone against the US Dollar and bitcoin. ETH/USD must break the 8 and 0 resistances to start a short term upside correction.
Ethereum Price Analysis
Yesterday, we saw a nasty decline in ETH price from the 5 swing high against the US Dollar. The ETH/USD pair broke the 2, 0, 8 and 5 support levels to move into a bearish zone. It tested the 2 support area where buyers emerged. Later, the price started consolidating losses and corrected a few points above the 4 level. It traded above the 23.6% Fib retracement level of the last slide from the 3 swing high to 2 swing low.
However, there are many hurdles on the upside near the 8 level. The price made a couple of attempts to surpass the 7-118 zone, but buyers failed to gain momentum. Besides, the 50% Fib retracement level of the last slide from the 3 swing high to 2 swing low is also near 8. More importantly, yesterday’s highlighted important bearish trend line is intact with resistance at 8 on the hourly chart of ETH/USD. Finally, the 100 hourly simple moving average is positioned near the 0 level. Therefore, both 8 and 0 levels are crucial barriers for buyers in the short term.
Looking at the chart, ETH price may continue to trade in a range above 2 before the next move. If buyers push the price above the 8 and 0 resistance, there could be a recovery towards 5. If not, the price could retest the 2 or 0 level.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is slightly placed in the bullish zone, with a flat structure.
Hourly RSI – The RSI for ETH/USD is currently moving higher towards the 50 and 55 levels.
Major Support Level – 3
Major Resistance Level – 0
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