- ETH price attempted another upside move as forecasted against the US Dollar, but failed to break the $12.10 resistance.
- The main highlighted bullish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD is still in place on the downside acting as a support.
- There is a chance of a minor dip in the price if it continues to find sellers on the upside.
Ethereum price jumped higher once again versus the US Dollar, but the $12.10 level managed to prevent the upside move in ETH/USD.
Ethereum Price Resistance
Ethereum price managed to spike another time recently against the US Dollar to trade towards the last swing high of $12.10. However, the ETH sellers appeared once again, and prevented the upside move. The price failed miserably, and moved down. A clear rejection pattern is visible on the hourly chart of ETH/USD (data feed via SimpleFX).
The Ether traders are not showing any importance to the 23.6% Fib retracement level of the last wave from the $11.15 low to $12.12 high. The price is now below it, and may be heading towards $11.74. The stated level may act as a support zone, as yesterday’s highlighted bullish trend line on the hourly chart is aligned with it. Moreover, the 100 hourly simple moving average is also positioned near it. So, there is a major support area on the downside. If the price continues to correct lower, then the bulls may take a stand.
Only a break and close below the 100 hourly SMA may ignite more losses. In that situation, a test of the 76.4% Fib retracement level of the last wave from the $11.15 low to $12.12 high is possible.
Hourly MACD – The MACD is currently, in the bullish zone, but may change slope soon.
Hourly RSI – The RSI is after a minor dip managed to move back above the 50 level.
Major Support Level – $11.74
Major Resistance Level – $12.10
Charts courtesy – SimpleFX