Ethereum Price Technical Analysis – $13.00 Is Now Resistance

Aayush Jindal

1 year ago

2 mins read

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Key Highlights

Ethereum price after a couple of failures to test the $15.00 level vs the US dollar traded lower.
I stated yesterday that these failures are not good and pay push the price down in the short term.
There is a now a bearish trend line formed on the hourly chart (data feed via Kraken) of ETH/USD, which may act as a resistance if the price moves higher.

Ethereum price traded below $12.00 intraday, and currently attempting to move higher once again, but it may find sellers near $13.00.

Ethereum Price Changed Trend?

Ethereum price ETH was in a strong uptrend for almost a week vs the US dollar and bitcoin. However, it looks like there is a minor top in place for ETH, and it may trade down further moving ahead. ETH/USD broke a major support area around the $13.00 level, which may now act as a resistance if the price moves higher.

There is a bearish trend line formed on the hourly chart (data feed via Kraken) of ETH/USD, which may play a major role in the short term. The price after trading as low as $11.80 corrected higher. However, it failed near the 38.2% Fib retracement level of the last drop from the $14.40 high to $11.79 low. A very important resistance on the upside is near the trend line, as it is also coinciding with the 50% Fib retracement level of the same drop.

Yesterday’s idea of selling ETH/USD played well, and if you entered into a trade I hope you closed it with gains. I think we can consider selling more as long as the price is below the $13.00-$13.10 levels with a stop above it.

Hourly MACD – The MACD may change the slope to the bearish zone, calling for more losses.

Hourly RSI – The RSI is below the 50 level, which is a bearish sign.

Intraday Support Level – $12.00

Intraday Resistance Level – $13.00

Charts courtesy of Kraken via Trading View

Header Image via NewsBTC

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
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