- ETH price attempted once again to trade higher against the US Dollar, but failed.
- There is one more bearish trend line formed, which is just below this week’s highlighted bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD.
- As long as the price is below these trend lines and the 100 hourly simple moving average, it won’t be able to recover.
Ethereum price managed to correct a few points higher but failed to gain momentum, which means it remains at a risk of more declines.
Ethereum Price Upside Barrier
ETH price yesterday managed to move higher a few points and traded near $11.52 against the US Dollar. The price also moved above the 50% Fib retracement level of the last leg from the $11.64 high to $10.97 low. However, it could not retain the bullish bias, and as a result, there was a downside move. The failure to move higher was right at the 61.8% Fib retracement level of the last leg from the $11.86 high to $10.97 low.
When we have a look at the hourly chart (data feed via SimpleFX) of ETH/USD, there are a couple of important things to note. First, this week’s highlighted bearish trend line is still in play. Plus, there is another bearish trend line formed just below the old one. Lastly, the one trend line is positioned with the 100 hourly simple moving average. So, we can say these all may act as a major hurdle for an upside move in ETH/USD.
As long as the price is below the resistances, it won’t be able to gain traction. The buyers need to break the $11.60 level first to encourage a rally in ETH/USD.
Hourly MACD – The MACD is solely preparing for a recovery, which is a positive sign.
Hourly RSI – The RSI attempt has just managed to close above the 50 level, but lacking momentum.
Major Support Level – $11.20
Major Resistance Level – $11.60
Charts courtesy – SimpleFX