- Ethereum price after setting a minor top near $12.12 started to move down and broke a major support area.
- There were a couple of bullish trend lines formed on the hourly chart (data feed via Kraken) of ETH/USD, which were broken to open the doors for more losses.
- The price is now below the 100 hourly simple moving average, which may act as a resistance moving ahead.
Ethereum price showing a lot of bearish signs. If sellers remain in action, there is a chance of more losses in ETH/USD in the near term.
Ethereum Price – 100 SMA as Resistance?
Ethereum price tested the last swing high of $12.12 a couple of times yesterday, but the bulls failed to break the stated level. As a result, there was a downside move, which took ETH/USD below a couple of bullish trend lines formed on the hourly chart (data feed via Kraken). ETH sellers took charge and succeeded in taking the price down against the USD.
The most important aspect is that the price is now below the 100 hourly simple moving average. So, if the price corrects higher from the current levels, then it could find offers near the broken trend lines and the 100 hourly SMA. Selling can be opted near the 100 SMA, but with a stop of not more than 1 point.
On the downside, the price is currently trading near the 38.2% Fib retracement level of the last wave up from the $10.10 low to $11.12 high. If sellers succeed in breaking the stated level, then a move towards the 50% Fib retracement level of the same leg can be tested moving ahead.
Hourly MACD – The MACD is in the bearish zone, calling for more losses.
Hourly RSI – The RSI is around the oversold area, which means there is a chance of a minor move up may be towards the 100 SMA.
Intraday Support Level – $11.30
Intraday Resistance Level – $11.65-70
Charts courtesy of Kraken via Trading View