- Ethereum price traded down once again and my view of selling ETH/USD worked perfectly.
- I forecasted a retest of $7.36 yesterday, and the price did move down and even created a new low of $7.13.
- Yesterday’s highlighted bearish trend line on the hourly chart (data feed via Kraken) of ETH/USD is still in play and may continue to act as a resistance.
Ethereum price is still bearish, and every correction may be a chance to sell ETH/USD. Can sellers push the price towards $7.00?
Ethereum Price Sell Rallies?
Ethereum price ETH failed once again as forecasted and moved down. Yesterday, I highlighted that ETH/USD may move down once again and retest the $7.36 levels. The price did move down and I hope you all booked profits. There was a new low of $7.13 created for ether price, and there are chances of more declines in the near term.
There seems to be no relief for ETH buyers, as there was a continuous bearish pressure noted in the price. Yesterday’s highlighted bearish trend line on the hourly chart (data feed via Kraken) of ETH/USD is still positioned well, and could act as a barrier if the price moves higher.
I think there is a chance of Ethereum price testing the $7.00 level against the US Dollar. So, one may consider selling rallies closer to the trend line resistance area with a stop above the 100 hourly simple moving average. The price may even not correct much from the current levels and continue to slide. So, the bulls need to be very careful while trading ETH/USD.
Hourly MACD – The MACD may change the slope to bullish, which is a sign of a minor upside move.
Hourly RSI – The RSI is well below the 50 level, which is a bearish sign in the short term.
Intraday Support Level – $7.13
Intraday Resistance Level – $8.00
Charts courtesy of Kraken via Trading View