- ETH price corrected higher towards $11.10 against the US Dollar, but failed to retest the last high of $11.35.
- It looks like the ETH/USD pair created a higher low, which is a signal of the price struggling in the short term.
- There is a minor bullish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD, which must hold if the buyers want to stay in action.
Ethereum price started a downside move once again after failing to close above $11.00. Can ETH/USD continue heading lower?
Ethereum Price Trend Line Support
ETH price started another wave higher yesterday against the US Dollar, and traded above the 50% Fib retracement level of the last decline from the $11.35 high to $10.23 low. However, it looks like it found sellers above $11.00. It failed to make a successful close above the $11.00, which resulted in a decline. The pair during the downside move broke a couple of important support levels.
First, we need to understand that the price failed near the 76.4% Fib retracement level of the last decline from the $11.35 high to $10.23 low. Second, there was a decline below the 100 hourly simple moving average. Third, the price made a higher low, which is a signal that the price may make a new low below $10.20. Third, the price also closed below the $10.80 support level.
There are a few positives as well. Like, there is a minor bullish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD. And, I think as long as the price is above it, ETH may bounce, else there can be additional losses.
Hourly MACD – The MACD may change the slope from the bearish to bullish zone soon.
Hourly RSI – The RSI is just below the 50 level, which is a bearish sign.
Major Support Level – $10.50
Major Resistance Level – $11.00
Charts courtesy – SimpleFX