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Key Highlights
- There was no break above $90.98-91.00 in ETH price against the US Dollar, as the upside move was contained.
- There is a clear range pattern formed with support at $84.60 and resistance near $91 on the hourly chart (ETH/USD, data feed via SimpleFX).
- The 100 hourly simple moving average is acting as a strong resistance near $88.20, and preventing gains.
Ethereum price did not move much against the US Dollar and Bitcoin, and ETH/USD is currently forming a range with resistance near $91.
Ethereum Price Upside Hurdle
Yesterday, we saw an upside break in ETH price above $88 against the US Dollar. However, the price was contained near $91, which acted as a strong resistance and prevented gains. The same level was also near the 76.4% Fib retracement level of the last decline from the $98 swing high to $70 low. Later, the price started trading in a range with resistance just below $91.
If we look closely, then it’s the 100 hourly simple moving average which is acting as a strong hurdle and currently near $88.20. It may continue to act as a barrier for gains above $90. Looking at the hourly chart of ETH/USD, there is a clear range pattern formed with support at $84.60 and resistance near $91. On the downside, the range support is near the 23.6% Fib retracement level of the last wave from the $70 swing low to $90.98 high.
As long as the price is below the 100 hourly simple moving average and $91, there is a chance of a dip towards $84. However, any downside move should limited, considering the current market sentiment. Finally, when buyers gain traction, ETH price may look to break $91 for further gains in the near term.
Hourly MACD – The MACD is mostly flat.
Hourly RSI – The RSI is just around the 50 level.
Major Support Level – $84
Major Resistance Level – $91
Charts courtesy – SimpleFX
