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- Ethereum price continued its downside slide this past week, and looks like under bearish pressure in the short term.
- There is a descending channel pattern formed on the hourly chart (data feed via Kraken) of ETH/USD, which may act as a catalyst for a downside move.
- ETH/USD may trade down towards $10.00 in the short term if the bulls fail to break the $11.00 resistance area.
Ethereum price after trading towards $10.00-10 recovered. However, ETH/USD is now below a major resistance area of $11.00 that can be a sell zone.
Ethereum Price – 100 SMA as Resistance
Ethereum price recently struggled to trade with a positive tone, and as a result, there was a downside move taking ETH/USD towards $10.00-10. The price looks like under a bearish pressure, which could result in more losses in the near future.
There is a descending channel pattern formed on the hourly chart (data feed via Kraken), which is acting as a catalyst for the price. On the upside, the channel resistance area is coinciding with the 100 simple moving average. So, it means the $11.00 area is a major resistance for ETH/USD and the price may struggle to break it. It can also be seen as a sell zone and one might consider selling near it. In that situation, a stop should be an hourly close above the 100 SMA.
On the downside, the last low of $10.10 can be seen as a short term support. A break below it may call for a test of $10.00, which holds the key for ETH/USD in the near term.
Hourly MACD – The MACD just changed the slope to bullish, which means the price could trade near the channel resistance area.
Hourly RSI – The RSI is just above the 50 level, calling for a minor upside moving ahead.
Intraday Support Level – $10.10
Intraday Resistance Level – $11.00
Charts courtesy of Kraken via Trading View
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