- ETH price after an attempt to move higher against the US Dollar failed and moved down.
- There was a critical bullish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD, which was broken during the recent downside.
- The pair is also below the 100 hourly simple moving average, which is a bearish sign.
Ethereum price remained under the bearish pressure against the US Dollar, and it looks like the ETH/USD pair may weaken a bit today.
Ethereum Price Support Break
ETH price started a recovery phase this past week, but it looks like the $11.10 resistance is hard to break. There was a failure noted, which pushed the price down. During the downside move, the price broke a couple of important supports. First, the 23.6% Fib retracement level of the wave from the $10.24 low to $11.08 high was broken, which ignited a downside move.
Second, there was a break below a critical bullish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD. Lastly, the price also closed below the 100 hourly simple moving average. These are not good signs, and suggest that the price remains under a bearish pressure. If there is a minor correction, then the 100 hourly SMA may act as a resistance.
On the downside, the next stop is around the 61.8% Fib retracement level of the wave from the $10.24 low to $11.08 high. It looks like the price is consolidating at the moment, and may trade in a range before deciding the next move. On the upside, the price needs to clear the $11.10 resistance if it needs to clear the range pattern and move higher.
Hourly MACD – The MACD is almost flat with a slight bearish momentum.
Hourly RSI – The RSI is just around the oversold readings, and calling for a minor bounce.
Major Support Level – $10.60
Major Resistance Level – $11.00
Charts courtesy – SimpleFX