- ETH price jaw dropped versus the US Dollar, and moved below the $11.50 support area.
- There is a new bearish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD, which may stop the current recovery.
- On the upside, the $11.60-65 levels can now be considered as a major resistance area.
Ethereum price declined further during the past 24 hours to trade as low as $10.97 where the ETH/USD buyers managed to protect the downside.
Ethereum Price Downside Move
ETH price continued to move down versus the US Dollar, and even traded below the $11.50 support area to test the $11.00 handle. Yesterday, there was a minor recovery in ETH/USD, but the bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD prevented the upside move and pushed the price down. The 23.6% Fib retracement level of the last leg from the $12.20 high to $11.70 low also acted as a barrier for the buyers.
As a result, there was a sharp decline, taking the price towards the $10.97 level. The price is currently recovering, and moved above the 38.2% Fib retracement level of the last leg from the $11.86 high to $10.97 low. However, there are many resistances on the upside, waiting to prevent any gains. The first one is around the 50% % Fib retracement level of the last leg from the $11.86 high to $10.97 low. The most important one is near a new bearish trend line on the same chart.
There is a chance of the price moving further higher, but may face sellers near $11.60. It was a support earlier and may now act as a resistance.
Hourly MACD – The MACD is placed in the bearish zone with a slight change in momentum.
Hourly RSI – The RSI is currently attempting to clear the 50 level, but may fail soon.
Major Support Level – $11.10
Major Resistance Level – $11.60
Charts courtesy – SimpleFX