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Home Technical analysis

Ethereum Price Technical Analysis – ETH Facing Tough Resistance

Aayush Jindal by Aayush Jindal
5 years ago
in Technical analysis, Cryptocurrency news
Reading Time: 2min read
Ethereum Price Technical Analysis
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Key Highlights

  • Ethereum price after a decline against the US Dollar started a consolidation below a major resistance area.
  • There is a bearish trend line formed on the hourly chart (data feed via Kraken) of ETH/USD, which can be seen as a major barrier for an upside move.
  • The price is below the 100 hourly simple moving average, which is also acting as a resistance zone.

Ethereum price after weakening started trading in a range. It looks like it is facing a tough resistance on the upside, which is stalling gains.

Ethereum Price Resistance

Ethereum price ETH after moving a few points below the $10.00 level against the US Dollar found bids, and started to correct higher. However, the ETH/USD pair is facing a major resistance on the upside, which is preventing the price to gain further. An initial resistance is around the 100 hourly simple moving average, which is acting as a hurdle and stopping the bulls from taking ETH higher.

However, the most important barrier for the bulls is around a bearish trend line formed on the hourly chart (data feed via Kraken) of ETH/USD. The highlighted trend line and resistance acted as a resistance earlier and can continue to stop gains in the short term. As long as the price is below the trend line, there are chances of more downsides.

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Ethereum Price Technical Analysis

An initial support on the downside is at 50% Fib retracement level of the last leg from the $9.14 low to $11.30 high. If the ETH bears manage to gain strength, then a move towards the 61.8% Fib retracement level of the same leg is possible in the short term.

Hourly MACD – The MACD is in the bearish zone, calling for more downsides moving ahead.

Hourly RSI – The RSI has moved below the 50 level, which is not a good sign for people looking for buy ETH.

Major Support Level – $10.00

Major Resistance Level – $10.50

 

Charts courtesy – SimpleFX

Tags: Ethereum Price analysisEthereum Price chartethereum technical analysisethereum tradeethereum trade analysisethereum tradingethereum usdOpinionpricetrading
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

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