- ETH price is slowly rising higher, but it is facing a major resistance near $865-870 against the US Dollar.
- Yesterday’s highlighted major bearish trend line with current resistance at $866 is intact on the hourly chart of ETH/USD (data feed via SimpleFX).
- The pair must break the trend line resistance to gain upside momentum towards $900.
Ethereum price is moving inside a range against the US Dollar and Bitcoin. ETH/USD has to break a major resistance near $865 to continue moving higher.
Ethereum Price Resistance
There was a decent rise from the $835 swing low in ETH price against the US Dollar. The price moved above the $850 resistance and even settled above the 100 hourly simple moving average. There was also a break above the 50% Fib retracement level of the last decline from the $875 swing high to $835 low. These are positive signs for ETH buyers, but the price is facing a major resistance near $865-870.
At the moment, the price is attempting a break above yesterday’s highlighted major bearish trend line with current resistance at $866 on the hourly chart of ETH/USD. Moreover, the pair must break the 76.4% Fib retracement level of the last decline from the $875 swing high to $835 low. If there is a break above the trend line resistance and $870, there could be more gains. The next resistance above $870 is near $885. However, the price may test the 1.236 fib extension of the last decline from the $875 swing high to $835 low at $886.
It could even break the $900 level for more gains. On the downside, the 100 hourly SMA at $857 is a short term support. A break below $857 could clear the path for a decline towards $840.
Hourly MACD – The MACD is slightly placed in the bullish zone.
Hourly RSI – The RSI is now placed nicely above the 50 level.
Major Support Level – $856
Major Resistance Level – $870
Charts courtesy – SimpleFX