- ETH price is struggling to trade above the 3 and 4 resistance levels against the US Dollar.
- The price is holding the 0 support, it is likely to make the next move soon.
- This week’s crucial bearish trend line is intact with current resistance at 2 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could either break the trend line and rally or decline below the 0 support in the near term.
Ethereum price is following a bearish structure against the US Dollar and bitcoin. However, if ETH breaks 2 and 4, there could be a decent bullish wave towards the 8 level.
Ethereum Price Analysis
After struggling to break the 4 resistance, ETH price declined steadily against the US Dollar. The ETH/USD pair traded below the 2 support and settled well below the 100 hourly simple moving average. It even broke the 50% Fib retracement level of the last swing wave from the 7 low to 4 high. The price traded close to the 0 support level, where buyers emerged. There was a minor upside correction above the 1 level and the 23.6% Fib retracement level of the recent decline from the 4 high to 0 low.
However, the upside move remains capped by the 2 level and the 100 hourly simple moving average. More importantly, this week’s crucial bearish trend line is intact with current resistance at 2 on the hourly chart of ETH/USD. The trend line is close to the 50% Fib retracement level of the recent decline from the 4 high to 0 low. Clearly, the 2-133 resistance area is very crucial and it could be spark the next move.
The next move in ETH could be either above the 2 and 3 resistance levels or below the 0 support. If there is an upside break above 3 and the 100 hourly SMA, the price could climb sharply higher. The next key resistances area near the 5 and 6 levels, followed by 8. On the other hand, a break below the 0 support may push the price towards the 7 support level.
Looking at the chart, ETH price seems to be facing a strong resistance near the 2 level and the 100 hourly SMA. Besides, the 3 and 4 levels are also significant barriers. Therefore, buyers need to put up a strong fight if they have to push the price back in a positive zone.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly moving back in the bullish zone.
Hourly RSI – The RSI for ETH/USD managed to move above the 50 level, with a positive bias and angle.
Major Support Level – 0
Major Resistance Level – 3
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