Ethereum started an upside correction above the 0 resistance against the US Dollar, similar to bitcoin. However, ETH price is facing a few key hurdles near 0 and the 100 SMA (H4).
ETH price is currently trading nicely above the 0 and 5 support levels against the US Dollar.
The price is likely to move higher in the short term towards the 0 resistance.
There is a key bullish trend line forming with support near 6 on the 4-hours chart of ETH/USD (data feed via Kraken).
The pair is likely to face a strong selling interest near 0 and the 100 simple moving average (4-hours).
Ethereum Price Forming Supports
Earlier this month, Ethereum declined heavily below many supports near 0 and 0 against the US Dollar. ETH price even settled well below the 0 level and the 100 simple moving average (4-hours).
It traded to a new 2020 low at and recently started an upside correction. There was a recovered above the 0 and 0 levels. Later, there was a support base formed above 0 and the price climbed above the 0 resistance level.
The bulls were able to gain strength above the 0 level, but they struggle to remain in action above the 0 level. A swing high is formed near 3 and the price moved down.
There was a break below the 50% Fib retracement level of the recovery wave from the 1 low to 3 high. On the downside, the 0 area is acting as a key support. There is also a key bullish trend line forming with support near 6 on the 4-hours chart of ETH/USD.
Ethereum Price
The 61.8% Fib retracement level of the recovery wave from the 1 low to 3 high is also acting as a decent support. It seems like Ethereum is forming a couple of solid supports near the 0 level.
If there is a downside break below the trend line and 0, the price is likely to revisit the 0 support in the near term.
Hurdles on the Upside
On the upside, Ethereum is facing a couple of important hurdles, starting with 0 and 2. The main hurdle is near the 0 level and the 100 simple moving average (4-hours).
If the bulls gain strength above the 0 and 5 levels, the price could surge towards the 0 resistance area.
Technical Indicators
4 hours MACD – The MACD for ETH/USD is slowly gaining pace in the bullish zone.
4 hours RSI – The RSI for ETH/USD is now well above the 50 level.
Major Support Level – 0
Major Resistance Level – 0
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