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Ethereum Price Technical Analysis – ETH/USD is Still Bearish?

Ethereum Price Technical Analysis – ETH/USD is Still Bearish?

Key Highlights

  • ETH worth recovered a variety of elements, nevertheless it absolutely confronted sturdy promote presents near $985 in opposition to the US Dollar.
  • Yesterday’s highlighted key bearish improvement line with current resistance at $980 is nonetheless full of life on the hourly chart of ETH/USD (information feed by way of SimpleFX).
  • The pair is struggling to maneuver above the event line resistance at $980 and is at current transferring lower.

Ethereum worth confronted a great deal of sellers currently in opposition to the US Dollar and Bitcoin. ETH/USD desires to interrupt the $980 and $985 resistance ranges to understand upside momentum.

Ethereum Price Resistance

There was a short-term recovery initiated in ETH worth from the $904 swing low in opposition to the US Dollar. The worth traded above the $950 and $960 resistance ranges, nevertheless it absolutely did not retain the bullish momentum. There was a break above the 50% Fib retracement stage of the ultimate drop from the $1071 extreme to $896 low. However, the upside switch confronted a strong resistance at $1000-1005.

A current draw again wave was initiated from the $1009 extreme. ETH did not maneuver above the 61.8% Fib retracement stage of the ultimate drop from the $1071 extreme to $896 low, which is a unfavorable sign. More importantly, yesterday’s highlighted key bearish improvement line with current resistance at $980 is nonetheless full of life on the hourly chart of ETH/USD. The pair is at current transferring lower and is shopping for and promoting underneath the $975 stage. It seems like the trend line resistance at $980 would possibly proceed to behave as a critical hurdle for patrons.

Ethereum Price Technical Analysis ETH USD

If patrons obtain pushing the price above $980, there is a possibility of further good factors above $1005 inside the near time interval. On the downsides, the $910 stage is an preliminary help adopted by the ultimate low of $896.

Hourly MACD – The MACD is slowly gaining tempo inside the bearish zone.

Hourly RSI – The RSI is at current struggling to maneuver above the 50 stage.

Major Support Level – $910

Major Resistance Level – $980

 

Charts courtesy – SimpleFX

Ethereum Price Technical Analysis – ETH/USD is Still Bearish?

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses sturdy technical analytical skills and is well-known for his entertaining and informative analysis of the foreign exchange, commodities, Bitcoin and Ethereum markets.

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