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Key points
- The ETH price remained in a bearish zone and is currently trading below $ 90 against the US dollar.
- This week follows an important bearish trend line with resistance to $ 90 on the hourly table of ETH / USD (data feed via Kraken).
- The pair may decline in the near term towards the $ 85 level or the $ 82 support zone.
The price of Ethereum failed to extend gains and was reduced against the US dollar and bitcoin. The ETH / USD may continue to face sellers near the $ 90 and $ 92 resistors.
Price analysis of Ethereum
There was a decent support formed near $ 95 in the ETH price against the US dollar. The pair ETH / USD started a short-term upward correction and surpassed $ 88 and $ 90. It was a break above the fiber retracement level of 23.6% of the last slide from the low of $ 98 to the minimum of $ 85. However, it failed to get a pace higher than the $ 90 level and the simple moving average of 100 hours.
The price was rejected near the Fib 50% retracement level of the last slide from $ 98 up to $ 85 at the bottom. Furthermore, this important bearish trend line followed this week is active with resistance to $ 90 on the hourly chart of Eth / USD. The pair retreated from the $ 91-92 zone and fell below the $ 90 level. At the moment, it seems that the price may continue to decline towards the support level of $ 85. If there is a & # 39; downward extension, the price could revisit the $ 82 support zone. On the upside, a close above the $ 92 level and the 100-hour SMA is required for a bullish break.
Looking at the chart, the ETH price is clearly traded near a major turning point above $ 82 and $ 85. If it fails to rise higher, it could also break $ 82 and drop towards the $ 75 support level.
MACD time – The MACD is back in the bearish zone.
RSI timetable – The RSI fell below level 50, with a bearish angle.
Main support level: $ 85
Main resistance level: $ 92
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