- ETH price after a minor correction against the US Dollar and Bitcoin found sellers, and currently struggling to hold the momentum.
- There was a minor bullish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD, which was broken during the recent downside.
- The $8.00 support level holds a lot of importance if the buyers have to take the price higher.
Ethereum price is once again seems to be struggling against the US Dollar and Bitcoin. ETH/USD buyers need to appear soon else there can be more declines.
Ethereum Price Support
ETH price traded as high as $8.51 against the US Dollar before it found sellers. There were offers presented, which ignited a downside wave in ETH/USD. The pair during the downside move broke a couple of support levels. First, the 23.6% Fib retracement level of the last wave from the $7.61 low to $8.51 high was cleared. Second, the price even broke a minor bullish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD.
It is important to note that the price struggled to clear the 100 hourly simple moving average, and traded lower. Currently, the 50% Fib retracement level of the last wave from the $7.61 low to $8.51 high is attempting to prevent the downside move. However, the bearish momentum is increasing slowly. So, the ETH buyers need to appear soon and protect the $8.00 support.
A break below the stated level may ignite more losses in the short term. If the $8.00 support holds, then the broken trend may act as a resistance. The most importance hurdle for the buyers on the upside is around the 100 hourly simple moving average.
Hourly MACD – The MACD is about to move into the bearish zone.
Hourly RSI – The RSI is well below the 50 level, which is a negative sign.
Major Support Level – $8.00
Major Resistance Level – $8.30
Charts courtesy – SimpleFX