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Key Highlights
- ETH price declined recently and traded toward the $900 level against the US Dollar.
- There is a key bearish trend line forming with resistance at $1030 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The pair has to move above the $1030 resistance and the 100 hourly simple moving average to gain bullish traction.
Ethereum price declined a few points against the US Dollar and Bitcoin. ETH/USD is currently correcting higher, but it is facing sellers near the $1030 level.
Ethereum Price Upside Hurdle
There were further declines in ETH price from the $1080 swing high against the US Dollar. The price declined and broke the $1000 and $950 support levels. It even pierced the 50% Fib retracement level of the last leg from the $750 low to $1150 high. It opened the doors for more losses below $950 and the price traded towards $900. A low was formed at $904 before the price started an upside correction.
It has moved above the 23.6% Fib retracement level of the last decline from the $1070 high to $904 low. However, there are many resistances on the upside starting with $985. There is also a key bearish trend line forming with resistance at $1030 on the hourly chart of ETH/USD. At the moment, the 50% Fib retracement level of the last decline from the $1070 high to $904 low at $987 is acting as a hurdle. The main resistance is around $1030 and the trend line since it is close to the 100 hourly simple moving average.
On the downside, an initial support is at $935. The most important support is at $900, which must hold declines in the near term.
Hourly MACD – The MACD is still in the bearish zone with no positive signal at present.
Hourly RSI – The RSI is currently moving higher, but it is still below the 50 level.
Major Support Level – $900
Major Resistance Level – $1030
Charts courtesy – SimpleFX
