- ETH price struggle to move higher against the US Dollar continued, as it found resistance near $10.75 yesterday.
- Yesterday’s highlighted trend lines on the hourly chart (data feed via SimpleFX) of ETH/USD are still intact and preventing an upside move.
- It looks like the price may decline further towards the $10.40 level.
Ethereum price attempted a minor bounce against the US Dollar, but failed. It looks like the ETH/USD may continue to remain in control today.
Ethereum Price Downsides
ETH price remained under a lot of bearish pressure yesterday against the US Dollar. There was a minor attempt to recover, but the ETH bears were successful in defending the upside move and pushed the price down. During the downside move, the price also broke the 61.8% Fib retracement level of the wave from the $10.24 low to $11.08 high. It opened the doors for more losses, and may push the price further lower.
Yesterday, I highlighted a couple of trend lines on the hourly chart (data feed via SimpleFX) of ETH/USD. They acted as a resistance, and may continue to stop the upside move. The price slowly grinded lower, and also settled below the $10.75 support area, which later acted as a resistance area. The price is currently trading near the $10.60 support area, and may correct a few points higher. However, the upside move may be defended near the 23.6% Fib retracement level of the decline from the $11.09 high to $10.59 low.
Moreover, the same bearish trend lines on the hourly chart may also continue to act as a resistance. One may consider selling in the short term near it with a tight stop.
Hourly MACD – The MACD is currently in the bearish zone with no major sign of a recovery.
Hourly RSI – The RSI is below the 50 level, and pointing south.
Major Support Level – $10.60
Major Resistance Level – $10.75
Charts courtesy – SimpleFX