- Ethereum price continued to face a lot of hurdles this past week against the US Dollar and Bitcoin.
- There is a monster bearish trend line formed on the 4-hours chart of ETH/USD (data feed via SimpleFX), acting as a resistance on the upside.
- A break and a daily close above the $10.00 level is needed for the price to gain momentum.
Ethereum price remained under a lot of bearish pressure versus the USD to trade towards $9.20. Let’s see if ETH/USD can recover or not.
Ethereum Price Recovery Possible?
Every time ETH price attempted a recovery this past week it faced sellers not only against the US Dollar, but also versus the Bitcoin. The ETH/USD pair declined and traded as low as $9.29 where the buyers just managed to protect the downside. It is currently attempting to correct higher, and trading just above the 23.6% Fib retracement level of the last decline from the $10.20 high to $9.29 low.
It is clearly struggling to gain momentum, and it looks like buyers are not finding any reason for now to take the price higher. There are many resistances on the upside like $9.70 and $10.00. The most important one is around a monster bearish trend line formed on the 4-hours chart of ETH/USD (data feed via SimpleFX). It acted as a major barrier for a recovery in ETH/USD in the past, and may continue to stop the upside.
The 50% Fib retracement level of the last decline from the $10.20 high to $9.29 low is also just around the trend line. If the ETH has to start a real and substantial recovery, it has to break the $10.00 level and close above it.
4-hours MACD – The MACD is currently in the bearish zone, and not showing any convergence.
4-hours RSI – The RSI is currently well below the 50 level, but now with no real direction.
Major Support Level – $9.40
Major Resistance Level – $10.00
Charts courtesy – SimpleFX