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Key Highlights
- ETH price recovered recently, but it faced sellers near the $98 level against the US Dollar.
- There is a crucial contracting triangle formed with support at $88 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair may continue to trade in a range below $98 before the next move either above $98 or below $88.
Ethereum price is facing many key hurdles against the US Dollar and bitcoin. ETH/USD must break the $98-100 barrier for a solid upward move in the near term.
Ethereum Price Analysis
The past few hours were positive as there was a decent upward move above $90 in ETH price against the US Dollar. The ETH/USD pair climbed above the $94 level and the 100 hourly simple moving average. There was also a break above the 50% Fib retracement level of the last decline from the $104 high to $84 low. However, the upside move was capped by the $98-100 resistance zone.
Besides, the price failed near the 61.8% Fib retracement level of the last decline from the $104 high to $84 low. Later, a fresh decline was initiated and the price dipped below the $94 level and the 100 hourly SMA. At the outset, there is a crucial contracting triangle formed with support at $88 on the hourly chart of ETH/USD. The pair is currently under pressure and it seems like the price may decline towards $90 or $88. If there is a downside break below $88, the price may perhaps extend declines below $84. On the upside, a break plus close above $98-100 is needed for a substantial rally.
Looking at the chart, ETH price looks set to make the next move either above $98 or below $88. As long as the price is above $88-90, there is a chance of an upside break.
Hourly MACD – The MACD is slowly moving in the bearish zone.
Hourly RSI – The RSI is currently positioned near the 50 level.
Major Support Level – $88
Major Resistance Level – $98
