- ETH price continued to struggle against the US Dollar, and every correction was sold aggressively.
- Yesterday’s highlighted bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD acted as a resistance and pushed the price down.
- The pair may be positioning for a move towards the last swing low of $11.60 in the short term.
Ethereum price failed to climb higher versus the US Dollar, which has increased a lot of bearish pressure on ETH/USD in the near term.
Ethereum Price Resistance
ETH price faced a lot of sellers yesterday against the US Dollar and Bitcoin. There was a minor leg higher towards the $11.95 level, but the sellers managed to protect any further gains. The main barrier on the upside was yesterday’s highlighted bearish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD. It acted as a perfect resistance zone, and disabled the ETH buyers from taking the price higher.
Currently, the price is trading near the recent low of $11.72, and may soon break it further losses. The next stop on the downside where there can be buying interest is at $11.60. On the upside, the highlighted trend line resistance area may continue to act as a barrier. Moreover, the 23.6% Fib retracement level of the last leg from the $12.17 high to $11.72 low is also around the trend line to stop the buyers.
Any further gains may take the price towards the 100 hourly simple moving average, which is sitting near the 50% Fib retracement level of the last leg from the $12.17 high to $11.72 low. Overall, the price is in a downtrend, and may decline further in the short term.
Hourly MACD – The MACD is currently in the bearish zone, but there is no increase in the momentum.
Hourly RSI – The RSI is currently around the oversold readings, but with no signs of a recovery.
Major Support Level – $11.60
Major Resistance Level – $11.90
Charts courtesy – SimpleFX