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Key points
- The ETH price formed a decent support near $ 98 and recovered recently against the US dollar.
- There is a large bearish trend line formed with resistance to $ 117 on the 4-hour chart of ETH / USD (data feed via Kraken).
- The pair is likely to face many hurdles close to $ 117, $ 120, $$ 132 and $ 139 in the short term.
The price of Ethereum remains in a bearish zone compared to the US dollar and Bitcoin. ETH / USD must clear $ 117 and resistance $ 132 to rise to $ 165.
Price analysis of Ethereum
After a sharp decline, the ETH price was trading close to the $ 100 support area against the US dollar. The ETH / USD pair traded from $ 98 and subsequently started an upward correction. The price formed a decent support near the $ 98-100 area and later rose higher. It has moved above the resistance levels $ 110 and $ 115. There was even a break above the Fib retracement level of 23.6% of the last drop from the $ 180 up to $ 98 down.
However, the rise was limited to $ 125 and the price remained well below the simple moving average at 100 (4 hours). More importantly, there is a large bearish trend line formed with resistance to $ 117 on the 4-hour ETH / USD chart. The pair is consolidating close to the trend line and $ 115. Buyers have to break resistance from $ 117 and then $ 120 to go higher. The next major obstacle is near the $ 138-140 zone. It coincides with the 50% fiber retracement level of the last drop from the $ 180 up to $ 98 down.
The chart above indicates that the ETH price is struggling to break resistance $ 117 and $ 120. If buyers continue to struggle, there is a possibility of a downside break below $ 110. The main support is at $ 100 followed by the $ 95 level.
4-hour MACD: the MACD is currently flat in the bearish zone.
4-hour RSI – The RSI is positioned well above level 50 with a neutral angle.
Main support level: $ 100
Main resistance level: $ 117
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