Ethereum Price Technical Analysis – ETH/USD Struggle Continues 2017-04-12

Aayush Jindal

Last Updated: June 11, 2024 1:20 pm

2 mins read

Ethereum Price Technical Analysis – ETH/USD

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Key Highlights

ETH price remained above the $42.60 support area against the US Dollar, but struggled to break higher.
This week’s highlighted bearish trend line with resistance at $43.85 on the hourly chart (ETH/USD, data feed via SimpleFX) continues to act as a barrier.
The price is now trading in a tiny range with a short-term support at $43.25.

Ethereum price continues to struggle to clear a major resistance near $43.80-44.00 against the US Dollar, and now ETH/USD is trading in a range.

Ethereum Price Major Hurdle

There was a minor upside push in ETH price towards $43.80 against the US Dollar. However, the price was not able to clear a major hurdle near $43.85-44.00. Starting from the $42.54 low, the price made an upside move, and climbed above the 23.6% Fib retracement level of the last decline from the $45.60 high to $42.54 low. This ignited more gains, but the upside move was limited by the $44.00 handle.

The price even traded close to the 50% Fib retracement level of the last decline from the $45.60 high to $42.54 low. But, it failed to sustain momentum, and moved a few points lower. At the moment, the most important resistance is near $44.00. It also coincides with this week’s highlighted bearish trend line with resistance at $43.85 on the hourly chart ETH/USD. The trend line resistance is positioned with the 38.2% Fib retracement level of the last decline from the $45.60 high to $42.54 low.

Also, the 100 hourly simple moving average is near $44.00. So, it looks like the $43.85-44.00 area remains a major hurdle. The price needs to clear it for a move towards the last swing high at $45.60. On the downside, an initial support is at $42.50.

Hourly MACD – The MACD is mostly flat with no major bias.

Hourly RSI – The RSI is just above the 50 level.

Major Support Level – $42.50

Major Resistance Level – $44.00

Charts courtesy – SimpleFX

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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