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Key Highlights
- ETH price traded higher, but it failed to break the $760 and $770 resistance levels against the US Dollar.
- There is a key connecting bearish trend line forming with resistance at $745 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is currently under pressure and it may well extend its slide back towards the $715 level.
Ethereum price is struggling to move higher against the US Dollar and Bitcoin. ETH/USD remains at a risk of more losses towards the $715 level in the near term.
Ethereum Price Resistance
Yesterday, there was a start of an upside correction above $720 in ETH price against the US Dollar. The price traded towards the $780 level, but it could not hold gains. It topped around the $776 level and failed to test the $780 level. Moreover, the 61.8% Fib retracement level of the last decline from the $830 high to $694 low also acted as a strong barrier.
Lastly, the price seems to be struggling to settle above $760 and the 100 hourly simple moving average. It is currently under pressure and broke the $740 support level. At the moment, it seems like the price may break the 61.8% Fib retracement level of the last leg from the $693 low to $776 high. If sellers remain in action, the price may even break the $724 support and extend its slide. The next support could $715 or $712. On the upside, there is a key connecting bearish trend line forming with resistance at $745 on the hourly chart of ETH/USD.
Looking at the chart, the price is clearly under pressure below $745. As long as it is below the trend line, $750, and the 100 hourly SMA, it is likely to extend its decline in the near term.
Hourly MACD – The MACD is gaining pace in the bearish zone.
Hourly RSI – The RSI is about to reach the 40 level.
Major Support Level – $724
Major Resistance Level – $745
fujak 
what’s the point in publishing these analyses if you do it after the fact? then although it’s written as if you’re sharing your TA all you’re really doing is reporting on the price action….. publish this two or three days ago and it would be worth something…