- ETH price corrected higher recently but failed to break the 0 resistance against the US Dollar.
- The price is currently moving lower and it might revisit the 0 or even 6 support level.
- There is a key connecting bearish trend line formed with resistance at 5 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could recover if it surpasses the 6 resistance and the 100 hourly simple moving average.
Ethereum price is facing an increase in selling pressure versus the US Dollar and bitcoin. ETH remained capped below 0 and it is now declining towards the 0 support.
Ethereum Price Analysis
After a strong decline below 0, Ethereum price started a short term upside correction against the US Dollar. The ETH/USD pair gained traction above the 4 and 5 resistance levels. The pair climbed towards the 0 level, but it struggled a lot near the 8 level and the 100 hourly simple moving average. The price topped below the 9 level and recently started a fresh decline. It broke the 5 and 4 support levels.
There was a break below the 23.6% Fib retracement level of the recent wave from the 6 swing low to 9 swing high. Moreover, there was a break below an ascending channel with support at 5 on the hourly chart of ETH/USD. The pair tested the 50% Fib retracement level of the recent wave from the 6 swing low to 9 swing high. On the downside, a break below the 2 level may open the doors for more losses below the 0 support level. The next key support is at 6, below which the price may test 2.
On the upside, there is a key connecting bearish trend line formed with resistance at 5 on the same chart. Above the trend line, the main resistance is near 6 and the 100 hourly SMA. A convincing break above the 6 resistance may push the price towards the 0 resistance level. If buyers gain control above 0, the price could stage a decent comeback above the 6 level.
Looking at the chart, Ethereum price is clearly facing a lot of hurdles near the 5 and 6 levels. If there is a successful close above the 6 level and the 100 hourly SMA, the bears may step back in the short term. If not, there is a risk of a sharp decline towards the 6 or 2 level.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly moving back in the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently rebounding higher towards the 45 and 50 levels.
Major Support Level – 0
Major Resistance Level – 6
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