Ethereum Price Weekly Analysis – ETH/USD Recovery Unlikely

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Key Highlights

  • ETH price started to decline after trading as high as $10.84 against the US Dollar.
  • There is a bearish trend line formed on the 4-hours chart (data feed via SimpleFX) of ETH/USD, which is currently a resistance near $10.40.
  • The price is currently above the 100 hourly simple moving average, which is a good support at $10.00.

Ethereum price is in a downtrend at the moment against the US Dollar, and it looks like a recovery in ETH/USD is unlikely in the near term.

Ethereum Price Resistance

This past week we saw how Ehereum price struggled against the US Dollar, starting from the $10.84 high. There was a downside wave initiated, as the price moved below $10.50. There was also a break below the 23.6% Fib retracement level of the last wave from the $9.57 low to $10.84 high. The move was so strong that the price broke the 38.2% fib level of the same wave.

The downside was paused just above the $10.10 level. There is a clear bearish trend line formed on the 4-hours chart (data feed via SimpleFX) of ETH/USD. It has a resistance near $10.40, which may continue to act as a hurdle for the ETH buyers.

Read more ... source: NewsBTC USA




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