- Ethereum price after dipping towards $11.00 jumped higher once more to create a new weekly high of $12.48.
- It looks like buyers are struggling to keep the pace, and as a result, there was a downside reaction noted during the past couple of sessions.
- A bullish trend line on the hourly chart (data feed via Kraken) was broken to pave the way for more losses in the near term.
Ethereum price struggled during the last couple of sessions. ETHUSD also broke a major support area and may move down from the current levels.
Ethereum Price – More Losses Likely?
Ethereum price traded as high as $12.48 yesterday, and it looks like it was a short-term top created. The price was seen struggling since then, and it the current trend continues, then ETHUSD may move down further moving ahead. Recently, the price broke a major support area, which is not a good sign for the ETH bulls in the near term.
There was a bullish trend line formed on the hourly chart (data feed via Kraken), which was broken recently. Moreover, the price is now below the 38.2% Fib retracement level of the last wave from the $9.50 low to $12.48 high. The most important move was ETHUSD closing below the 100 simple moving average (hourly, data feed via Kraken). All in all, there are many bearish signs for the price as of writing.
On the positive side, the price is finding bids near the 50% Fib retracement level of the last wave from the $9.50 low to $12.48 high and currently making an attempt to close back above the 100 SMA. If the bulls fail, then the price may head down once again. If they succeed, then there is a chance of ETHUSD heading towards the $12.00 level.
Hourly MACD – The MACD may change the slope to the bullish area, which may be a good sign for the bulls.
Hourly RSI – The RSI is below the 50 level, suggesting bulls are struggling to keep pace.
Intraday Support Level – $11.00
Intraday Resistance Level – $12.00
Charts courtesy of Kraken via Trading View