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Ethereum Price Technical Analysis ETH
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Ethereum Price Technical Analysis – ETH/USD Struggle Continues 2017-04-07

Aayush Jindal by Aayush Jindal
6 years ago
in Cryptocurrency Market News, Technical analysis
Reading Time: 2 mins read

Key Highlights

  • ETH price struggled to break the $45.50 resistance area against the US Dollar and moved down.
  • Yesterday’s highlighted connecting bearish with resistance at $46.10 on the hourly chart (ETH/USD, data feed via SimpleFX) acted as a barrier.
  • The price traded as low as $40.68, and currently attempting a recovery.

Ethereum price is struggling to break a bearish trend line at $45.50 against the US Dollar, which puts ETH/USD at risk in the near term.

Ethereum Price Barrier

There was a recovery initiated in ETH price from the $40.80 low against the US Dollar. However, the price failed near $46.80 and then $45.38. These levels are perfectly aligned with a descending resistance. The mentioned resistance zone is formed with the 100 hourly simple moving average at $44.35. The same SMA acted as a barrier near $46.80 and $45.50. The price failed on many occasions, and recently dipped towards the last swing low of $40.80.

There was a new low formed at $40.68, and the price is currently attempting a recovery. An important point is yesterday’s highlighted connecting bearish is acting as a perfect resistance at $46.10 on the hourly chart of ETH/USD. The same coincides with the 100 hourly simple moving average at $44.35. So, we can say the trend line at $44.50 along with the 100 hourly simple moving average may continue to act as a barrier.

Ethereum Price Technical Analysis ETH

The price has moved above the 23.6% Fib retracement level of the last decline from the $46.80 high to $40.68 low. However, there are many hurdles waiting on the upside near $44.50. Also, the 50% Fib retracement level of the last decline from the $46.80 high to $40.68 low is positioned at $43.75.

Hourly MACD – The MACD is well placed in the bearish zone.

Hourly RSI – The RSI has recovered from the oversold levels, but remains well below the 50 level.

Major Support Level – $40.50

Major Resistance Level – $45.50

 

Charts courtesy – SimpleFX

Tags: Ethereum Price analysisEthereum Price chartethereum technical analysisethereum tradeethereum trade analysisethereum tradingethereum usdOpinionpricetrading
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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