- ETH price after a correction towards $46.80 against the US Dollar found sellers and moved down.
- There is one more bearish trend line with resistance at $44.80 formed on the hourly chart (ETH/USD, data feed via SimpleFX).
- The price might continue to struggle and likely to face sellers near $44.80 and $45.00.
Ethereum price correction failed against the US Dollar just below $47, and now ETH/USD is once again under a bearish pressure.
Ethereum Price Resistance
There was a minor correction initiated from the $43.30 low in ETH price against the US Dollar. The price was able to move above $45. It traded beyond the 23.6% Fib retracement level of the last decline from the $51.45 high to $43.34 low. However, the upside correction could not last long, as the price found sellers near $46.80 and $47.00. The same area was also near the 38.2% Fib retracement level of the last decline from the $51.45 high to $43.34 low.
The price found resistance and moved down below $45. The downside was such that the price broke the last swing low of $43.34 and moved down towards $42.00. A new weekly low was formed at $41.82 from where another correction is initiated. An initial resistance is near the 23.6% Fib retracement level of the last decline from the $51.40 high to $41.82 low.
The most important hurdle is near one more bearish trend line with resistance at $44.80 formed on the hourly chart of ETH/USD. Not to forget, there is yesterday’s trend line at $49, which is still intact and a major barrier. Overall, there are many resistances near $44.20, $44.80 and $46 on the upside. On the downside, the next support is at $40.00.
Hourly MACD – The MACD remains well positioned in the bearish zone.
Hourly RSI – The RSI is placed well below the 50 level, and signaling more declines.
Major Support Level – $42.00
Major Resistance Level – $45.00
Charts courtesy – SimpleFX