- Ethereum price after correcting towards $8.80 against the US Dollar found resistance and traded lower.
- There is a crucial bearish trend line formed on the daily chart of ETH/USD (data feed via SimpleFX), which is acting as a hurdle for more upsides.
- As long as the price is below it, there is a risk of more declines in the near term.
Ethereum price recent recovery faced sellers, and it looks like the ETH/USD pair is facing a major hurdle on the way up towards $8.00-20
Ethereum Price Resistance
It looks like it won’t be an easy task for Ethereum price to remain in control against the US Dollar and BTC. There was a recovery phase initiated, which is currently facing resistance near $8.00. The ETH buyers continuously struggled to break a crucial bearish trend line formed on the daily chart of ETH/USD (data feed via SimpleFX). There were many attempts to break the trend line resistance, but buyers failed to break it.
It is a major hurdle for further gains, and it there is no break in the short term, there can be a decline in ETH/USD. The price has already settled below the 23.6% Fib retracement level of the last wave from the $5.63 low to $8.75 high. So, it means there can be a moment, when sellers attempt to take control.
Currently, the price is attempting a close below the 38.2% Fib retracement level of the last wave from the $5.63 low to $8.75 high. If there is a close, then the next support on the downside could be around $7.20 where buyers may appear.
Daily MACD – The MACD is still in the bearish zone, but attempting to reduce the slope.
Daily RSI – The RSI is well below the 50 level, and not showing any sign of changing direction to north in the near term.
Major Support Level – $7.50
Major Resistance Level – $8.00
Charts courtesy – SimpleFX