- Ethereum price completed a move higher during the past couple of sessions and moved down.
- There is a bearish trend line forming on the hourly chart (data feed via Kraken), which may act as a resistance in the near term.
- The price is also below the 100 hourly simple moving average, which is calling for a short-term sell.
Ethereum price climbed higher towards the $14.00 level as forecasted. However, there was a bearish pressure noted taking the price down.
Ethereum Price – Sell near trend line?
Ethereum price had a good upside run during the starting sessions yesterday as forecasted, as the price even traded close to the $14.00 level as forecasted. However, there sellers around the stated level, which pushed the price down. Currently, there is a bearish trend line forming on the hourly chart (data feed via Kraken), which is acting as a barrier and pushing the price down.
One important bearish point is the fact that the 100 simple moving average (hourly, data feed via Kraken) is also positioned around the same trend line. It means there is a major resistance forming near $13.50 that may act as a sell zone in the near term. The price recently failed right around the 76.4% Fib retracement level of the last move down from the $14.80 high to $9.97 low.
So, if the price spikes higher once again it might find offers near the highlighted trend line and resistance area. The bulls should be careful moving ahead as there may be a minor downside in the short term if the bearish stay in charge.
Hourly MACD – The MACD is in the bearish slope, calling for a downside move in the short term.
Hourly RSI – The RSI is also below the 50 level, which is a bearish sign.
Intraday Support Level – $11.80
Intraday Resistance Level – $13.50
Charts courtesy of Kraken via Trading View