Key Highlights
- Ethereum price stayed in the bullish zone vs the US Dollar, and it looks like it is consolidating before the next move.
- There is a bearish trend line formed on the hourly chart (data feed via Kraken) of ETH/USD, which is acting as a resistance for an upside move.
- A continuous failure to trade higher may call for a downside break in ETH in the short term.
Ethereum price is consolidating, and may be setting up for the next move. Will it move higher or break down vs the US dollar?
Ethereum Price – Watch For A Break
Ethereum price ETH attempted on a couple of occasions to break the $14.00 resistance area vs the US Dollar, but the bulls failed to push the price above the stated resistance area. The price looks like consolidating at the moment, and preparing for the next move. Let us try to analyze and see which way the price may head next in the short term.
On the upside, there is a bearish trend line formed on the hourly chart (data feed via Kraken) of ETH/USD, which is acting as a hurdle for the buyers. Moreover, the $14.00-20 levels prevented gains on many occasions. So, it looks like it won’t be easy for the ETH bulls to take the price higher before there is a minor correction.
On the downside, the price has a support in the form of the 100 hourly simple moving average. A break below it may ignite a minor correction in ETH/USD, and could push it towards the $13.00 support area. It is where the bulls may consider buying with a tight stop of a 1-2 points.
Hourly MACD – The MACD is almost flat, and pointing towards a consolidation phase.
Hourly RSI – The RSI is just above the 50 level, which is a positive sign for the bulls.
Intraday Support Level – $13.50
Intraday Resistance Level – $14.00
Charts courtesy of Kraken via Trading View