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Key Highlights
- Ethereum price continued to move down against the US Dollar, and traded below the $10.00 level.
- There are a few bearish trend lines formed on the 4-hours chart of ETH/USD (data feed via SimpleFX), which are acting as a downside move catalyst.
- The ETH bulls need to fight hard for an upside move with resistances near $10.25 and $10.55.
Ethereum price declined further this past week versus the US dollar, and it looks like ETH/USD buyers are really struggling at the moment.
Ethereum Price Resistances
ETH price declined this week, and recently broke the $10.00 support area for a move towards the $9.50 level. The ETH/USD pair is currently recovering, but there are many resistance levels on the way up. It has already broken the 50% Fib retracement level of the last wave from the $9.24 low to $11.35 high. So, there are chances of it extending the downside move, and test the full swing low of $9.24.
An initial resistance is currently around a bearish trend line formed on the 4-hours chart of ETH/USD (data feed via SimpleFX). However, the most important resistance is near the 100 simple moving average (4-hours), which is at $10.55. It is crucial since there is another bearish trend line positioned around the same level. So, it may act as a monster hurdle for the ETH buyers on the way up.
It won’t be easy for the ETH buyers to take the price higher especially above the $10.55. If they succeed, then it may be considered as a trend change. On the downside, an initial support it at the 76.4% Fib retracement level of the last wave from the $9.24 low to $11.35 high at $9.70.
4-hours MACD – The MACD is currently in the bearish zone with no sign of a slope change.
4-hours RSI – The RSI is currently recovering the oversold readings, and moving north.
Major Support Level – $9.70
Major Resistance Level – $10.55
Charts courtesy – SimpleFX
