- ETH price made another attempt to move higher versus the US Dollar, but failed to break a major resistance.
- Yesterday’s highlighted bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD continued to provide offers and stopped gains.
- A break above the trend line resistance may trigger a sharp upside move in the short term.
Ethereum price is finding sellers near a major resistance against the US Dollar. A break is awaited for the buyers to take control.
Ethereum Price Upside Hurdle
Ethereum price continued to trade in a range versus the US Dollar, but made a few attempts to move higher. However, the upside move was stopped around yesterday’s highlighted resistance area. The ETH buyers struggled to clear it, and sellers defended it successfully. However, the range is contracting. The main reason is that yesterday’s highlighted bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD is moving down. So, the resistance area is changing, but the support remains at $12.60.
So, there is a chance of a break soon. The highlighted trend line along with the 38.2% Fib retracement level of the last drop from the $13.34 high to $12.53 low is acting as a resistance. And, the 100 hourly simple moving average is positioned near the same to act as a hurdle for the buyers.
The ETH bulls need to break the highlighted trend line resistance area to set the pace for more gains. If a break happens, the 61.8% Fib retracement level of the last drop from the $13.34 high to $12.53 low may be tested. On the downside, the $12.60-50 holds the key in terms of a support area.
Hourly MACD – The MACD remained flat with no sign of a major move in the short term.
Hourly RSI – The RSI is struggling to clear the 50 level, but stable.
Major Support Level – $12.60
Major Resistance Level – $12.85
Charts courtesy – SimpleFX