- ETH price mostly traded in a range during the past two sessions above $42 against the US Dollar.
- There is a new bearish trend line with resistance at $44.10 formed on the hourly chart (ETH/USD, data feed via SimpleFX).
- The price at the moment attempting a close above the 100 hourly SMA and $43.75.
Ethereum price is making an attempt to bounce back against the US Dollar, but ETH/USD faces a major resistance near $44.10.
Ethereum Price Resistance
This past week we saw a few swing moves in ETH price towards $41.00 against the US Dollar. Later, the price started a recovery phase, and moved above $42.00. It managed to break the 50% Fib retracement level of the last decline from the $46.20 high to $40.98 low. It ignited an upside move towards $45.50, and the price traded as high as $45.60.
The price was seen struggling near the stated level, and moved down below $45.00. There was initially a move below the 38.2% Fib retracement level of the last wave from the $40.98 low to $45.60 high. The downside move extended, and the price traded towards $42.80. However, the price was able to find support at the 61.8% Fib retracement level of the last wave from the $40.98 low to $45.60 high. The price is currently attempting a close above the 100 hourly simple moving average at $43.75.
If the price closes above $43.75, it could challenge a new bearish trend line with resistance at $44.10 formed on the hourly chart of ETH/USD. The highlighted trend line resistance is important for a move towards $46.00. On the downside, the $42.80 level is a major support area.
Hourly MACD – The MACD is mostly flat with no bias at the moment.
Hourly RSI – The RSI is currently attempting a move above the 50 level.
Major Support Level – $42.00
Major Resistance Level – $44.10
Charts courtesy – SimpleFX