sleepwalking, technical analysis ethereum

Ethereum Price Analysis: ETH Could Turn Bullish Above $90

Avatar Aayush Jindal 12 months ago

Key Highlights

  • ETH price recovered recently, but it failed to break the $88 resistance against the US Dollar.
  • There is a major bearish trend line formed with resistance at $87 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must break the $87, $88 and $90 resistance levels to move into a positive zone.

Ethereum price is struggling to recover higher against the US Dollar and bitcoin. ETH/USD could start a solid upward move if there is a break above $90.

Ethereum Price Analysis

There was a decent bullish reaction from the $80 support in ETH price against the US Dollar. The ETH/USD pair climbed above the $84, $85 and $86 resistance levels. There was even a spiked above $86 and the 100 hourly simple moving average. However, buyers failed to hold gains and the price retreated from the $88 resistance area. It declined below the 50% Fib retracement level of the last wave from the $80 low to $88 high.

Moreover, the price traded below the $85 support and the 100 hourly SMA. At the moment, the price is holding the $83 support. Besides, the 76.4% Fib retracement level of the last wave from the $80 low to $88 high is at $82.50. A break below the $82 level will most likely push the price back towards the $80 level. On the upside, an initial resistance is near $86 and the 100 hourly SMA. Additionally, there is a major bearish trend line formed with resistance at $87 on the hourly chart of ETH/USD.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price is facing a solid barrier near the $86, $87, $88 and $90 resistance levels. Therefore, a successful close above $88-90 may perhaps clear the path for more gains towards $100 in the near term.

Hourly MACDThe MACD moved back in the bearish zone.

Hourly RSIThe RSI declined below the 50 level and it is currently showing bearish signs.

Major Support Level – $80

Major Resistance Level – $88

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