- ETH price continued to rise and dip against the US Dollar, but remains supported on the downside.
- This week’s highlighted bullish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD once again acted as a support.
- The ETH bulls are fighting hard to prevent the downside move around the trend line.
Ethereum price once again traded lower against the US Dollar, but somehow buyers managed to protect the downside near a major support.
Ethereum Price Support
Ethereum price after trading a few points higher against the US Dollar found resistance and traded down. The price continued to fail on the upside, which results in a downside move. However, this week’s highlighted bullish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD again prevented the downside move. This may be the sixth time, the trend line acted as a barrier for sellers.
The price is currently trading below a major fib level of the 23.6%% of the last wave from the $11.15 low to $12.12 high. The ETH sellers are currently attempting to break the highlighted trend line support. It won’t be easy for them to break it, as the 100 hourly simple moving average is also on the downside, waiting to act as a support. The downside pressure recently increased, so there is a chance of a break if sellers take charge.
A break below the 100 hourly SMA may push the price towards the 50% Fib retracement level of the last wave from the $11.15 low to $12.12 high. I think the ETH bulls may soon fail to prevent the trend line support. If somehow they manage, then it could result in a spike higher.
Hourly MACD – The MACD is now in the bearish zone.
Hourly RSI – The RSI has also moved below the 50 level, calling for a downside move.
Major Support Level – $11.75
Major Resistance Level – $12.00
Charts courtesy – SimpleFX