- Ethereum price started a recovery against the US Dollar, and found support just above $9.00.
- There is a monster bearish trend line formed on the daily chart of ETH/USD (data feed via SimpleFX), which may act as a resistance.
- The 100-day simple moving average is also on the upside to act as a hurdle for the ETH buyers.
Ethereum price has started a recovery against the US dollar, but it faces a major resistance on the upside, making buyers nervous.
Ethereum Price Upside Hurdle
ETH price after a crash towards the $9.20 level against the US Dollar found support, and started correcting higher. The price is showing a few positive signs, and may correct a few points higher in the short term. It has already moved above the 23.6% Fib retracement level of the last drop from the $14.26 high to $9.23 low. So, there is a chance of further gains in the short term.
However, the price is facing a monster hurdle on the upside, and it won’t be easy for the ETH buyers to take the price higher. An initial resistance is around the 38.2% Fib retracement level of the last drop from the $14.26 high to $9.23 low. The next one on the upside is in the form of a monster bearish trend line formed on the daily chart of ETH/USD (data feed via SimpleFX). It won’t be easy for buyers to break the highlighted trend line and resistance.
Moreover, the 100-day simple moving average is also on the upside around the same trend line. So, it adds to the value, and it may act as a major barrier for further gains.
Daily MACD – The MACD is currently in the bearish zone with no sign of a slope change.
Daily RSI – The RSI is below the 50 level, and attempting to move north.
Major Support Level – $10.00
Major Resistance Level – $11.50
Charts courtesy – SimpleFX