Key Highlights
- ETH price crawled higher above the $45.20 resistance against the US Dollar, but faced hurdles near $46.80.
- There is a new connecting bearish trend line with resistance at $46.80 formed on the hourly chart (ETH/USD, data feed via SimpleFX).
- The price is once again heading lower, but may find support near $43.20.
Ethereum price traded higher yesterday towards $47 against the US Dollar, but found sellers and now ETH/USD is moving down again.
Ethereum Price Resistance
Yesterday, we saw how ETH price managed to move above the $43.20 resistance against the US Dollar. There was a break above a couple of important resistance levels, including $44.00. The price even traded above the 38.2% Fib retracement level of the last decline from the $51.35 high to $40.80 low. Later, the price faced sellers around the $46.10-46.80 resistance area, as highlighted in yesterday’s post.
The upside move found resistance near $46.80, which is technical resistance. It is just above the 50% Fib retracement level of the last decline from the $51.35 high to $40.80 low. Moreover, the 100 hourly simple moving average is also around $46.50. Lastly, there is a new connecting bearish trend line with resistance at $46.80 formed on the hourly chart of ETH/USD. This is the reason why the price was not able to close above $47.00, and moved down.
The price is currently trading below the $45 level, and might be heading towards the $43.20 support area. Any further downside might call for a move towards $42.00. On the upside, the trend line resistance has moved down to $46.20. So, we need to keep an eye on $46.20 and $46.80 resistance area. As long as the price is below the 100 hourly SMA and $47, it may decline further.
Hourly MACD – The MACD is attempting to head back into the bearish zone.
Hourly RSI – The RSI is now below the 50 level.
Major Support Level – $43.20
Major Resistance Level – $46.20
Charts courtesy – SimpleFX
