- Ethereum price is setting up for the next move against the US dollar, as ETH/USD mostly consolidated this past week.
- There is a bearish trend line formed on the 4-hours chart of Ethereum price (data feed via Kraken), which can act as a catalyst for the next move.
- The price is above the 100 simple moving average (4-hours), which is a positive sign for the bulls.
Ethereum price is currently trading below a major resistance trend line. Can ETH/USD bulls break it and take the price higher.
Ethereum Price – Breakout Approaching
Ethereum price mostly traded in a range of $-10-12 this past week, as there was no major news event. However, the best thing, which may favor the bulls is the fact that the price closed the week above the 100 simple moving average (4-hours). There was a dip this past week towards $10.00, but bears failed to gain momentum and break the stated level.
On the upside, the price struggled on a couple of occasions around the $12.00 level, as there is a bearish trend line formed on the 4-hours chart of Ethereum price (data feed via Kraken) acting as a barrier. Recently, the price failed to break the 61.8% Fib retracement level of the last wave from the $15.10 high to $8.09 low. So, we can say that the price is struggling to gain bullish momentum above the stated fib level.
If the bulls succeed in taking the price above the trend line and resistance area, then a move towards the $14.00 level is possible. A stop for a buy trade can be just below the 100 simple moving average (4-hours).
4-hours MACD – The MACD is in the bearish zone, but may change the slope to bullish during this upcoming week.
4-hours RSI – The RSI is below the 50 level, which is a bearish sign.
Intraday Support Level – $10.00
Intraday Resistance Level – $11.80
Charts courtesy of Kraken via Trading View