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Key Highlights
- ETH price traded as high as $1151 before starting a downside correction against the US Dollar.
- There is a short-term bearish trend line forming with resistance at $1050 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The pair is currently trading just above the $1000 level and is struggling to remain above the mentioned level.
Ethereum price is currently correcting lower against the US Dollar and Bitcoin. ETH/USD may break the $1000 level for more downsides in the near term.
Ethereum Price Resistance
Recently, we saw a correction wave from the $753 swing low in ETH price against the US Dollar. The price traded above the $1000 level and even broke the $1120 resistance. However, the upside move was limited by the $1150 level and a short-term top was formed at $1151. Later, a downside correction was initiated and the price moved below the 23.6% Fib retracement level of the last major wave from the $753 low to $1151 high.
Furthermore, there was a break below the $1050 support and the 100 hourly simple moving average. At the moment, the price is trading near the 38.2% Fib retracement level of the last major wave from the $753 low to $1151 high. Should there be a break and close below the mentioned fib level at $999, there could be more declines. The next major support is at $950 and the 50% Fib retracement level of the last major wave from the $753 low to $1151 high.
On the upside, there is a short-term bearish trend line forming with resistance at $1050 on the hourly chart of ETH/USD. The pair needs to break the $1050 resistance and the 100 hourly SMA to gain upside momentum in the near term.
Hourly MACD – The MACD is currently placed in the bearish zone with a few negative signs.
Hourly RSI – The RSI is now below the 50 level, but it is stable.
Major Support Level – $999
Major Resistance Level – $1050
Charts courtesy – SimpleFX
