Ethereum Price Technical Analysis – ETH/USD Grinding Lower|https://goo.gl/RSm8Rj
Ethereum price grinded lower a bit against the US Dollar, and it looks like the ETH/USD pair may continue to struggle in the short term.
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Key Highlights
ETH price remained in a minor bearish trend versus the US Dollar, and moved down slowly.
There is a small channel pattern formed on the hourly chart (data feed via SimpleFX) of ETH/USD, acting as a catalyst for the downside move.
If there is a minor rise, then the 100 hourly simple moving average may act as a resistance.
Ethereum price grinded lower a bit against the US Dollar, and it looks like the ETH/USD pair may continue to struggle in the short term.
Ethereum Price Resistance
ETH price started a downside move after trading as high as $11.08 against the US Dollar. Yesterday, I highlighted a bullish trend line break, which initiated a downtrend. The price during the recent downside move broke the 38.2% Fib retracement level of the wave from the $10.24 low to $11.08 high. Second, it also closed below the 100 hourly simple moving average, which means buyers failed to hold the losses.
The price is currently trading just above the 50% Fib retracement level of the wave from the $10.24 low to $11.08 high. There is also a descending channel pattern formed on the hourly chart (data feed via SimpleFX) of ETH/USD. It is slowly taking the price down. Since, the 50% Fib level is on the downside, there is a chance of a minor rise in the near term. However, the upside move may find sellers near the 100 hourly simple moving average.
Ethereum Price Technical Analysis
Moreover, there is a bearish trend line on the same chart, which can also be considered as a major hurdle. In short, the price may continue to slowly move down in the short term, but any major losses might be limited.
Hourly MACD – The MACD is currently in the bearish zone, but slowing attempting to change the bias.
Hourly RSI – The RSI is below the 50 level, which is a negative sign for the buyers.
Major Support Level – $10.60
Major Resistance Level – $10.90
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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