Key Highlights
- ETH price is currently correcting higher and it is trading near the 0 level against the US Dollar.
- There is a key bearish trend line forming with resistance at 0 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair has to move above the 0 and 5 resistances to gain upside momentum in the near term.
Ethereum price remains in a bearish zone against the US Dollar and Bitcoin. ETH/USD could recover, but it may struggle to break the 5 resistance.
Ethereum Price Resistance
After a crucial decline yesterday, there was a correction initiated from the 0 swing low in ETH price against the US Dollar. The price started an upside correction and moved above the 0 level. There was also a break above the 23.6% Fib retracement level of the last downside move from the 2 high to 0 low. However, the upside move was capped by a major resistance near the 0 level.
The mentioned 0 level was a tiny support earlier, and now it acted as a resistance. Moreover, the 38.2% Fib retracement level of the last downside move from the 2 high to 0 low also acted as a major resistance. At the moment, the price is moving lower and hovering near the 0 level. To the topside, there is a key bearish trend line forming with resistance at 0 on the hourly chart of ETH/USD. The bearish trend line is close to the 50% Fib retracement level of the last downside move from the 2 high to 0 low.
Therefore, there are two key hurdles for buyers – 0 and 5. A close above 5 may push the price further higher. On the downside, the 0 level is a decent support followed by the 0 level.
Hourly MACD – The MACD is slightly into the bullish zone.
Hourly RSI – The RSI is currently just below the 50 level.
Major Support Level – 0
Major Resistance Level – 5
Charts courtesy – Trading View
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