- The Ethereum price after spiking one final time above the $6.50 level found sellers and started to move down.
- The highlighted bullish trend line on the hourly chart (data feed via Kraken) was broken to take the price down intraday.
- The price is currently trading near the 100 hourly simple moving average, which may act as a pivot area in the near term.
Ethereum price traded above the $6.50 level and attempted a move towards $6.50, but sellers appeared and stalled gains in the near term.
Ethereum Price – 100 MA as Support
Ethereum price after trading as high as $6.64 against the US Dollar started to trade higher as sellers came into the picture. There was a bullish trend line break noted on the hourly chart with data feed via Kraken (as highlighted in yesterday’s post). It looks like the recent trend line beak was real, as the same is somehow acting as a resistance for buyers in the near term.
The price after breaking the trend line support traded towards the 100 simple moving average (hourly, data feed via Kraken), which is playing a crucial role for both buyers and sellers. The best part is the fact that the 38.2% Fib retracement level of the last wave from the $4.00 low to $6.64 high is also around the 100 SMA. So, in short we can say that there is a major support area forming near the 100 SMA.
A break below the 100 SMA may call for more losses in the near term, which could even take the price towards the 61.8% Fib retracement level of the last wave from the $4.00 low to $6.64 high.
Hourly MACD – The MACD may change the slope to the bullish zone, which may take the price higher.
Hourly RSI – The RSI is below the 50 level, suggesting that sellers are stepping in to take control.
Intraday Support Level – $5.60
Intraday Resistance Level – $6.00-10
Charts courtesy of Kraken via Trading View