- Ethereum price is facing a lot of hurdles on the upside near 5 and 6 against the US Dollar.
- Bitcoin is somehow holding the key ,000 and ,960 support levels.
- There is a key bearish trend line forming with resistance near 2 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is mostly trading in a range above the 8 support and below the 6 resistance.
Ethereum price is facing an uphill task versus the US Dollar, similar to bitcoin. ETH price could continue to trade in a range before the next move either above 6 or below 8.
Ethereum Price Analysis
In the past few sessions, Ethereum was seen trading in a range above the 8 support against the US Dollar. ETH price made a couple of attempts to start a fresh increase, but it faced a strong resistance near the 5 and 6 levels.
The last swing high was near 6 before the price declined below the 2 and 0 levels. Moreover, there was a close below the 2 support and the 100 hourly simple moving average. A low was formed near 9 and the price is currently correcting higher.
It surpassed the 23.6% Fib retracement level of the recent decline from the 6 high to 9 low. However, the 2 level and the 100 hourly SMA are acting as a strong hurdle for the bulls.
Additionally, the 50% Fib retracement level of the recent decline from the 6 high to 9 low is acting as a resistance. More importantly, there is a key bearish trend line forming with resistance near 2 on the hourly chart of ETH/USD.
Therefore, an upside break above the 2 resistance might push Ethereum price higher. On the upside, the main resistances are near 5 and 6. A clear break above 6 is needed for upside acceleration in the near term.
On the downside, an immediate support is near the 0 level. If there are more downsides, the price could revisit the range support area near the 8 level. A clear break below the 8 support could spark more losses towards 5 and 0.
Looking at the chart, Ethereum price is trading in a range above the 8 support and below the 6 resistance. It may perhaps continue to trade in a range before the next move, which could be either towards the 0 barrier or the 5 support 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 recovering, but it is still below the 50 level.
Major Support Level – 8
Major Resistance Level – 5
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