Key Highlights
- ETH price seems to be struggling near the $10.58-10.60 levels against the US Dollar.
- Yesterday’s highlighted connecting resistance trend line on the hourly chart of ETH/USD (data feed via SimpleFX) continued to act as a barrier near $10.56.
- The price is now moving back down, and may find support near the 100 hourly simple moving average at $10.35.
Ethereum price after an upside move faced sellers near $10.58 against the US Dollar, and it looks like ETH/USD is back under a minor bearish pressure.
Ethereum Price Support
We saw yesterday how there was a nice upside move in ETH price against the US Dollar towards $10.60. However, it looks like the price failed to hold the bullish trend. There was a resistance near $10.58, which pushed the price down. More importantly, yesterday’s highlighted connecting resistance trend line on the hourly chart of ETH/USD (data feed via SimpleFX) prevented gains near $10.56.
The price started moving down, and broke the last swing low of $10.40 for a low at $10.25. Once again the price recovered, but there was a bearish trend line that acted as a resistance. The price is once again moving down. It already broke the 23.6% Fib retracement level of the last wave from the $10.25 low to $10.52 high. It may continue to move down. However, there is a support visible at 100 the hourly simple moving average at $10.35.
Moreover, the 61.8% Fib retracement level of the last wave from the $10.25 low to $10.52 high is also at $10.35. So, we may witness a bounce in ETH/USD from the $10.35 support. If it fails to hold, then a retest of the last swing low $10.25 is possible.
Hourly MACD – The MACD is attempting to move back in the bearish zone.
Hourly RSI – The RSI is just below the 50 level, and signaling caution.
Major Support Level – $10.35
Major Resistance Level – $10.50
Charts courtesy – SimpleFX
