- ETH price is still below the $12.70-80 resistance area against the US Dollar.
- There is a bearish trend line formed on the hourly chart of ETH/USD (data feed via SimpleFX) with resistance at present at $12.70.
- On the downside, the $12.40 looks like a decent support, acting as a barrier for more declines.
Ethereum price is struggling to clear the $12.70-80 resistance against the US Dollar. Let’s see if ETH/USD can break it or not?
Ethereum Price Resistance
Yesterday, we saw a contracting triangle pattern with support at $12.50 in ETH price against the US Dollar. The stated support area still holds, but it looks like the price is struggling to clear the $12.70-80 resistance area. On the downside, the 38.2% Fib retracement level of the last wave from the $10.987 low to $13.229 high at $12.37 is preventing the downside. However, the ETH buyers need to gather strength for more gains.
On the upside, there is a crucial resistance formed. A bearish trend line formed on the hourly chart of ETH/USD (data feed via SimpleFX) is aligned near $12.70. It is preventing an upside break. It looks like the price is forming a higher low pattern, as there were consistent moves, but no new high. So, there is a chance of ETH price sliding once before completing the pattern. However, there is a convergence sign, which also suggests an upside break.
So, we can say that there are mixed signals and indecision. In my view, there can be an extension of the current correction towards the 50% Fib retracement level of the last wave from the $10.98 low to $13.22 high at $12.10.
Hourly MACD – The MACD is almost flat now with no major sign of a break.
Hourly RSI – The RSI is still holding the 50 level, which is a positive sign.
Major Support Level – $12.40
Major Resistance Level – $12.80
Charts courtesy – SimpleFX