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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.
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
