- ETH price remained supported on the downside against the US Dollar around the $10.65 level.
- There are a couple of bullish trend lines formed on the hourly chart (data feed via SimpleFX) of ETH/USD, acting as a support area.
- On the upside, the $11.00-05 resistance zone is holding the buyers from taking the price higher.
Ethereum price managed to stay above a major support area against the US Dollar, but at the same time struggling to clear a crucial resistance.
Ethereum Price Resistance
ETH price dipped on a couple of occasions against the US Dollar, and traded higher as well. Both attempts failed, as on the downside the $10.65 support area prevented the downside move. On the upside, there is a clear major resistance area at $11.00-05, acting as a barrier for the buyers. The price is currently below the 100 hourly simple moving average, and under a minor bearish pressure.
However, on the downside, there are two bullish trend lines formed on the hourly chart (data feed via SimpleFX) of ETH/USD. They both are acting as a strong support and helping the buyers in protecting a downside break. Moreover, the price is currently testing the 50% Fib retracement level of the last wave from the $10.24 low to $11.08 high. So, there is a chance that the ETH/USD pair may bounce a bit in the short term.
However, as long as the price does not break the highlighted resistance area, there won’t be any major gains. The ETH bulls need momentum, and if they fail, then a breakdown is possible. The next support on the downside is around the 76.4% Fib retracement level of the last wave from the $10.24 low to $11.08 high at $10.45.
Hourly MACD – The MACD is mostly flat with no momentum.
Hourly RSI – The RSI is just below the 50 level, but started heading north.
Major Support Level – $10.65
Major Resistance Level – $11.00
Charts courtesy – SimpleFX
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