- ETH price struggle to recover against the US Dollar and Bitcoin continued during the past 24 hours.
- There is a bearish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD, acting as a barrier for an upside move.
- It looks like there is a range pattern formed with resistance at $9.60, and support at $9.30.
Ethereum price is currently trading in a range against the US Dollar, and once it breaks, it may ignite the next move in ETH/USD.
Ethereum Price to Decline Further?
There was no respite for ETH price over the weekend, as it remained under a bearish pressure against the US Dollar and Bitcoin. There was a slight decline in ETH/USD, and the pair almost tested the last swing low of $9.30. Looking at the charts, it looks like the pair is preparing for the next move, and currently trading in a range. There is a crucial bearish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD.
The highlighted trend line may play a major role in the near term. There is also a range pattern with resistance at $9.60, and support at $9.30. The range resistance is near the trend line. So, it holds a lot of value, and may protect an upside move near $9.50-60. Moreover, the 23.6% Fib retracement level of the decline from the $10.04 high to $9.29 low is also just below the trend line.
Last, the 100 hourly simple moving average is just above the trend line. So, it looks like the ETH price remains at a major risk. If the bulls fail, there can be further declines in ETH/USD.
Hourly MACD – The MACD is currently flat in the bearish zone.
Hourly RSI – The RSI is just below the 50 level but with no real momentum.
Major Support Level – $9.30
Major Resistance Level – $9.60
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.
Let's block ads! (Why?)
Powered by Bitcoin Central