- ETH price is currently correcting higher and is trading above 0 against the US Dollar.
- The price is likely to face a lot of hurdles on the upside near the 6, 8 and 0 levels.
- There is a connecting bullish trend line forming with support near 8 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair might gain bullish momentum if it breaks the 4 level and the 100 hourly SMA.
Ethereum price is slowly correcting higher versus the US Dollar, similar to bitcoin. However, ETH price is likely to fail near the key 0 resistance area in the near term.
Ethereum Price Analysis
This past week, we saw a major decline in ETH price below the 0 support against the US Dollar. Moreover, there was a close below the 5 level and the 100 hourly simple moving average. Finally, the price traded to a new monthly low at 3. Later, the price started consolidating losses and it seems like a decent support base is forming near the 5 level.
Recently, Ethereum price started an upside correction above the 8 level. Moreover, there was a break above the 23.6% Fib retracement level of the downward move from the 8 high to 3 swing low. However, it seems like the price is struggling to surpass the 100 hourly simple moving average, currently at 2. If there is a break above the 100 hourly simple moving average, the price could recover towards 5.
The 50% Fib retracement level of the downward move from the 8 high to 3 swing low is positioned near the 5 level to act as a resistance. However, the main resistance on the upside is near the 0 level (the previous support area). A successful close above 0 is needed for a decent recovery in the coming sessions.
On the downside, an initial support is near the 8 level. Additionally, there is a connecting bullish trend line forming with support near 8 on the hourly chart of ETH/USD. If the pair breaks the 8 support, it could retest the key 5 support area. If there are more downsides below 5, the price could even break the 3 swing low and trade to a new low.
Looking at the chart, Ethereum price might gain bullish momentum if it breaks the 4 level and the 100 hourly SMA. However, it won’t be easy for the bulls to clear the 8-180 resistance area.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly moving into the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently above the 50 level, with a few positive signs.
Major Support Level – 5
Major Resistance Level – 5
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