- ETH price is slowly moving higher, but it is currently facing sellers near $940 against the US Dollar.
- There is a connecting bearish trend line forming with resistance at $940 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The pair is currently just above the 100 hourly simple moving average and it remains supported near $900.
Ethereum price is slowly gaining pace against the US Dollar and Bitcoin. ETH/USD needs to break the $940 resistance to trade further higher.
Ethereum Price Trend
There was no downside break below $920 and $900 support levels in ETH price against the US Dollar. The price started a nice upside move and succeeded in trading above the $925 resistance. It also moved above the 23.6% Fib retracement level of the last decline from the $970 high to $895 low. However, there are many resistances on the upside near the $940 and $945 levels.
There is also a connecting bearish trend line forming with resistance at $940 on the hourly chart of ETH/USD. The pair is also facing sellers near the 61.8% Fib retracement level of the last decline from the $970 high to $895 low. However, the price is currently just above the 100 hourly simple moving average, but it has to gain momentum above $940 for more gains. A break above the $940 resistance could open the doors for more upsides toward the $970 level.
On the downside, an initial support is at $930 and the 100 hourly SMA. Should there be a break below $925, the price could move back towards $900. The overall price action is positive, but the price has to move above $940 to remain in the bullish zone.
Hourly MACD – The MACD is slightly in the bullish zone with neutral signs.
Hourly RSI – The RSI is currently above the 50 level, but it moving lower with a negative angle.
Major Support Level – $900
Major Resistance Level – $940
Charts courtesy – SimpleFX