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Key points
- The price of ETH has been recovered recently, but it has faced sellers near the level of $ 98 compared to the US dollar.
- C & # 39; is a crucial contractual triangle formed with support for $ 88 on the hourly table of ETH / USD (data feed via Kraken).
- The pair may continue to operate in a range of less than $ 98 before the next move above $ 98 or below $ 88.
The price of Ethereum is facing many key barriers against the US dollar and bitcoin. ETH / USD must break the $ 98-100 barrier for a solid upward move in the near term.
Price analysis of Ethereum
The last few hours have been positive as there has been a moderate upward shift of over $ 90 in the ETH price compared to the US dollar. The ETH / USD pair rose above the $ 94 level and the 100-hour moving average. There was also a break above the 50% fiber retracement level of the last decline from $ 104 high to $ 84 low. However, the upward move was limited by the $ 98-100 resistance zone.
In addition, the price fell close to the Fib retracement level of 61.8% from the last decline from $ 104 high to $ 84 low. Subsequently, a new decline started and the price fell below the $ 94 level and the 100-hour SMA. In the beginning, there is a crucial contractual triangle formed with support for $ 88 on the hourly chart of Eth / USD. The pair is currently under pressure and it seems that the price could fall to $ 90 or $ 88. If there is a downside break below $ 88, the price could perhaps extend the downturns below $ 84. On the upside, a breakup more closed above $ 98-100 is required for a substantial rally.
Looking at the chart, the ETH price seems set to make the next move above $ 98 or below $ 88. As long as the price is above $ 88-90, there is the possibility of a counterpart.
MACD time – The MACD is slowly moving into the bearish zone.
RSI timetable – The RSI is currently positioned near level 50.
Main support level – $ 88
Main resistance level: $ 98
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