Key Highlights
- ETH price remained in a tight range above the 0 support level against the US Dollar.
- Yesterday’s highlighted important bearish trend line is intact with resistance at 0 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair has to move past 0 and the 100 hourly simple moving average to gain upside momentum.
Ethereum price currently consolidating against the US Dollar and bitcoin. ETH/USD is stable above 0, but it is facing many barriers near the 0 level.
Ethereum Price Resistance
There was no major move above the 5 level in ETH price against the US Dollar. The ETH/USD pair traded in a tight range above the 0 level with a few positive moves. Yesterday, there was a minor upside move above the 5 level. However, the upside move faced sellers near the 0-412 area and the 100 hourly simple moving average. The price declined once again, but the 0 level acted as a support.
At the moment, the price is trading above the 0 level with an immediate resistance at 7. It represents the 50% Fib retracement level of the last drop from the 3 high to 0 low. More importantly, yesterday’s highlighted important bearish trend line is intact with resistance at 0 on the hourly chart of ETH/USD. The bearish trend line at 0 is close to the 100 hourly SMA. Moreover, the 76.4% Fib retracement level of the last drop from the 3 high to 0 low is also near 0. Therefore, a break above the 0 level and the 100 hourly SMA is needed for more gains in the near term.
Looking at the chart, ETH price is still trading in a range above 0. It may possibly make the next move above 0 if buyers continue to defend 0.
Hourly MACD – The MACD is currently in the bearish zone.
Hourly RSI – The RSI is struggling to move past the 50 level and is currently at 45.
Major Support Level – 0
Major Resistance Level – 0
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