Key Highlights
- ETH price after declining further, formed a low at 3 and started an upside recovery against the US Dollar.
- There is a major bearish trend line forming with resistance at 0 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The pair is struggling to break the 0 resistance level and it is currently below the 100 hourly simple moving average.
Ethereum price recovery remains limited against the US Dollar and Bitcoin. ETH/USD is facing a lot of sell offers near the 0-800 levels, which is a major resistance.
Ethereum Price Upside Hurdle
There was an extension to yesterday’s decline in ETH price towards the 0 level against the US Dollar. The price failed to stay above the 0 level and traded as low as 3. Later, it started an upside correction and was able to trade back above the 0 level. It broke the 23.6% Fib retracement level of the last drop from the 8 high to 3 low. However, the price is facing many hurdles near the 0-800 level.
There is also a major bearish trend line forming with resistance at 0 on the hourly chart of ETH/USD. The trend line is acting as a major hurdle and preventing gains above 0. Moreover, the price is facing resistance near the 76.4% Fib retracement level of the last drop from the 8 high to 3 low. It seems like it won’t be easy for buyers to push the price above 0 and 0. Furthermore, the 100 hourly simple moving average is also positioned around the 0-810 levels.
On the downside, an initial support is around the 0 level. A break below the stated 0 support could push the price back towards the 0 level.
Hourly MACD – The MACD is now back in the bullish zone.
Hourly RSI – The RSI is moving lower towards the 50 level and is currently weakening.
Major Support Level – 0
Major Resistance Level – 0
Charts courtesy – SimpleFX
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