HomeAltcoin NewsEthereum Price Analysis: ETH Testing Crucial Resistance, Bullish or Bearish?

Ethereum Price Analysis: ETH Testing Crucial Resistance, Bullish or Bearish?

-

  • Ethereum price remained below the key $109 and $114 resistance levels against the US Dollar.
  • ETH is testing a crucial bearish trend line with resistance at $106 on the 4-hours chart (data feed from Coinbase).
  • The price is likely setting up for the next move either above $109 or below $100 in the near term.

Ethereum price struggling below important resistances at $109 and $114 against the US Dollar. ETH could tumble if it continues to struggle below the $109 resistance area.

Ethereum Price Analysis

After trading towards the $100 support, Ethereum price started a short term correction against the US Dollar. The ETH/USD pair recovered above the $105 and $107 resistance levels. There was also a break above the 23.6% Fib retracement level of the key decline from the $118 high to $101 low. However, the price faced a strong resistance near the $109-110 zone. Besides, the 55 simple moving average (4-hours), which is currently at $106 also acted as a strong resistance.

The price topped near the 50% Fib retracement level of the key decline from the $118 high to $101 low. More importantly, there is a crucial bearish trend line in place with resistance at $106 on the 4-hours chart of ETH/USD. Therefore, a successful break above the trend line and $109 is needed for a decent recovery. The next important resistance is near the $114 level. An intermediate resistance is near $111 and the 61.8% Fib retracement level of the key decline from the $118 high to $101 low. On the other hand, if there is no upside break, the price might decline below $104 and $102.

Ethereum Price Analysis ETH Chart

Looking at the chart, Ethereum price is struggling to break the trend line and the 55 simple moving average (4-hours). If it breaks the $102 support, there is a risk of a sharp drop below the $100 handle. The next major support for buyers is near the $90-92 zone.

Technical indicators

4-hours MACD – The MACD for ETH/USD is slightly placed in the bearish zone.

4-hours RSI (Relative Strength Index) – The RSI for ETH/USD is just below the 50 level, with a bearish angle.

Key Support Level – $101

Key Resistance Level – $109

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

Follow us

0FansLike
0FollowersFollow
0SubscribersSubscribe

Most Popular