- ETH price after trading as high as $50.60 against the US Dollar found sellers and moved down.
- There is a major bearish trend line formed with resistance at $44.60 on the 4-hours chart of ETH/USD pair (data feed via SimpleFX).
- On the downside, the $42.00 level can be considered as a short-term support area.
Ethereum price is pushing lower after failing to break the $50.50 area against the US dollar, and ETH/USD may slide further in the short term.
Ethereum Price Trend Line Resistance
This past week, ETH price managed to pop higher towards the $50.50-60 resistance against the US Dollar. However, it failed to gain momentum, and started a downside move below $50. Similarly, there was no major momentum against the Bitcoin and the price traded below 0.045BTC. It looks like the momentum is slightly lower, and ETH/USD might trade towards $42 in the near term.
The price action suggests there can be continuous decline as long as the price is below $45. The price has already broken the 23.6% Fib retracement level of the last wave from the $30.36 low to $53.67 high. So, there can be declines below $44.60. On the upside, the price is facing a major bearish trend line formed with resistance at $44.60 on the 4-hours chart of ETH/USD pair. Actually, there are two bearish trend lines around the $44.50 area. The most important point is the fact that the 100-hourly simple moving average is also at $47.29.
On the downside, the 50% Fib retracement level of the last wave from the $30.36 low to $53.67 high is also failing to hold losses. So, if it continues to fail, there can even be a decline below $40 going forward.
4-hours MACD – The MACD is currently attempting to move back in the bullish zone.
4-hours RSI – The RSI just failed to break the 50 level.
Major Support Level – $42.00
Major Resistance Level – $45.00
Charts courtesy – SimpleFX