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Ethereum Price Technical Analysis – ETH/USD Struggle Continues

Key Highlights

  • ETH price remained above the $42.60 support area against the US Dollar, but struggled to break higher.
  • This week’s highlighted bearish trend line with resistance at $43.85 on the hourly chart (ETH/USD, data feed via SimpleFX) continues to act as a barrier.
  • The price is now trading in a tiny range with a short-term support at $43.25.

Ethereum price continues to struggle to clear a major resistance near $43.80-44.00 against the US Dollar, and now ETH/USD is trading in a range.

Ethereum Price Major Hurdle

There was a minor upside push in ETH price towards $43.80 against the US Dollar. However, the price was not able to clear a major hurdle near $43.85-44.00. Starting from the $42.54 low, the price made an upside move, and climbed above the 23.6% Fib retracement level of the last decline from the $45.60 high to $42.54 low. This ignited more gains, but the upside move was limited by the $44.00 handle.

The price even traded close to the 50% Fib retracement level of the last decline from the $45.60 high to $42.54 low. But, it failed to sustain momentum, and moved a few points lower. At the moment, the most important resistance is near $44.00. It also coincides with this week’s highlighted bearish trend line with resistance at $43.85 on the hourly chart ETH/USD. The trend line resistance is positioned with the 38.2% Fib retracement level of the last decline from the $45.60 high to $42.54 low.

Ethereum Price Technical Analysis – ETH/USD

Also, the 100 hourly simple moving average is near $44.00. So, it looks like the $43.85-44.00 area remains a major hurdle. The price needs to clear it for a move towards the last swing high at $45.60. On the downside, an initial support is at $42.50.

Hourly MACD – The MACD is mostly flat with no major bias.

Hourly RSI – The RSI is just above the 50 level.

Major Support Level – $42.50

Major Resistance Level – $44.00

Charts courtesy – SimpleFX

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.


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