- ETH price is in trouble as it moved below the $1060 support and traded towards $1000 support against the US Dollar.
- There is a major bearish trend line forming with resistance at $1105 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The pair might correct higher in the short term, but upsides could be contained by the $1090-1105 levels.
Ethereum price declined sharply against the US Dollar and Bitcoin. ETH/USD is currently holding the $1000 support, but it remains at a risk of more declines.
Ethereum Price Upside Hurdle
There was no upside break in ETH price above the $1140 level against the US Dollar. The price faced a lot of selling pressure, which pushed it lower below the $1100 level. The decline was such that the price traded below the $1050 and $1040 support levels as well. It traded close to the $1000 level and formed a low at $1011. At the moment, the price is correcting higher and is above the 23.6% Fib retracement level of the last decline from the $1160 high to $1011 low.
There are many resistances on the upside around the $1070 and $1080 levels. An important hurdle is around the 50% Fib retracement level of the last decline from the $1160 high to $1011 low at $1085. Moreover, there is a major bearish trend line forming with resistance at $1105 on the hourly chart of ETH/USD. The trend line resistance is just above the 61.8% Fib retracement level of the last decline from the $1160 high to $1011 low at $1085.
Therefore, there is a cluster of resistances on the upside near $1080-1090. Any major correction from the current levels is likely to face sellers, starting from $1070 up to $1105.
Hourly MACD – The MACD is placed well in the bearish zone.
Hourly RSI – The RSI is currently recovering and is moving higher towards the 50 level.
Major Support Level – $1000
Major Resistance Level – $1105
Charts courtesy – SimpleFX