- Ethereum price this past week came under a lot of bearish pressure and traded as low as $8.06.
- My all ideas of selling in the short term worked perfectly, and now I think it’s time to re-plan our strategy again.
- There is a bearish trend line formed on the hourly chart (data feed via Kraken), which can be breached for a move higher in the near term.
Ethereum price looks like looking for a short-term upside ride. There is a chance of a break higher and a move towards $11.00-50.
Ethereum Price – Buy Above 100 SMA?
Ethereum price traded twice this past week after a minor correction. There was a lot of bearish pressure noted on the ETH bulls that ignited a downside move. My idea of selling worked twice this past week and we were on the right side. Now, the price is currently making an attempt to correct higher, and it looks like it may break higher in the short term.
There is a bearish trend line formed on the hourly chart (data feed via Kraken), which can be seen as a major hurdle for the bulls. The 38.2% Fib retracement level of the last move down from the $13.74 high to $8.06 low is also around the trend line resistance. A break above it might be a signal of more gains moving ahead. However, the bulls need to take the price above the 100 simple moving average (hourly, data feed via Kraken). An hourly close above the 100 SMA may call for more upsides in the near term.
On the downside, we need to keep a close eye on the $9.00-$8.00 as it may act as a monster support area for the bulls.
Hourly MACD – The MACD is in the bearish area, calling for an upside break.
Hourly RSI – The RSI is also above the 50 level, which is a positive sign for the bulls.
Intraday Support Level – $9.50
Intraday Resistance Level – $10-80
Charts courtesy of Kraken via Trading View