- ETH price failed to hold the bullish bias against the US Dollar, and traded lower.
- Yesterday’s highlighted bullish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD was broken during the downside move.
- The price traded as low as $12.86, and currently looks set for more declines.
Ethereum price after failing to close above a major pivot area against the US Dollar traded lower, and declined below a crucial support.
Ethereum Price Resistance
Ethereum price was under pressure against the US dollar, and there were some bearish moves. The most disappointing part was the fact that the price broke a couple of important support levels. It also failed to hold the bullish bias, which ignited a downside move. It all started with a break below the 61.8% Fib retracement level of the wave from the $12.89 low to $13.34 high.
Moreover, the Ether sellers also managed to break yesterday’s highlighted bullish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD. Not only this, but the price also settled below the 100 hourly simple moving average. So, it is quite clear that the price settled below a major support area. We can say that there is a short-term trend change in ETH/USD. As long as the price stays below the 100 hourly simple moving average, it may remain under pressure.
The broken support area of $13.05 may now act as a resistance. An initial resistance on the upside is at the 23.6% Fib retracement level of the drop from the $13.34 high to $12.86 low. One may even consider selling near the highlighted resistance area in the short term.
Hourly MACD – The MACD is currently in the bearish zone with no sign of a recovery.
Hourly RSI – The RSI is also below the 50 level, and positioned near negative zone.
Major Support Level – $12.80
Major Resistance Level – $13.05
Charts courtesy – SimpleFX