- There was no major upside move in ETH price, as it maintained its bid tone above $53 against the US Dollar.
- There is a connecting bullish trend line formed with support at $52.90 formed on the hourly chart (ETH/USD, data feed via SimpleFX).
- The price is just trading below a major resistance area at $53.60-80 and looking for a break higher.
Ethereum price is trading just below a monster resistance at $53.80 against the US Dollar, and ETH/USD may be setting up for a break.
Ethereum Price Resistance
It looks like ETH price is consolidating big below a major resistance area at $53.60-80 against the US Dollar. We need to see how long it can consolidate before the next move. On the downside, there are many support levels, starting with $53.50. However, an initial support is around the 23.6% Fib retracement level of the last wave from the $50.60 low to $53.79 high. It may provide bids, and hold the downside move towards $53.00.
If the price breaks the stated fib level, there is a connecting bullish trend line formed with support at $52.90 formed on the hourly chart ETH/USD. It may hold losses and prevent further declines below $52.90. The same zone is just above the 38.2% Fib retracement level of the last wave from the $50.60 low to $53.79 high. So, there are many support levels, but at the same time $53.60-80 resistance is crucial.
There have been many failures already in the pair around $53.60-80. So, it looks like a break towards $54-55 is not easy for ETH/USD. We may continue to see some swing moves above $53.00, but sooner or later, the price has to break.
Hourly MACD – The MACD is in the bullish zone, but losing momentum.
Hourly RSI – The RSI is just above the 51 level, but moving south.
Major Support Level – $52.90
Major Resistance Level – $53.80
Charts courtesy – SimpleFX