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Key points
- The price of ETH was recovered recently, but failed to break the resistance of $ 88 against the US dollar.
- There is a downtrend line formed with resistance at $ 87 on the hourly chart of ETH / USD (data feed via Kraken).
- The pair must break resistance levels $ 87, $ 88 and $ 90 to move into a positive zone.
The price of Ethereum is struggling to recover higher than the US dollar and bitcoin. ETH / USD could start a solid upward move if there is a break above $ 90.
Price analysis of Ethereum
There was a strong bullish reaction from the $ 80 support in the ETH price compared to the US dollar. The ETH / USD pair climbed above the resistance levels $ 84, $ 85 and $ 86. There was also a spike above $ 86 and a simple 100-hour moving average. However, buyers failed to keep earnings and the price retreated from the $ 88 resistance area. It fell below the 50% fiber retracement level of the last wave, from $ 80 down to $ 88 at the top.
In addition, the price was trading below the $ 85 and 100-hour SMA support. At present, the price holds the support of $ 83. In addition, the Fib retracement level 76.4% of the last wave from the low of $ 80 to $ 88 is $ 82.50. Most likely a break below the $ 82 level will push the price down to the $ 80 level. On the upside, an initial resistance is close to $ 86 and to the 100-hour SMA. Furthermore, there is a large bearish trend line formed with resistance at $ 87 on the hourly chart of Eth / USD.
Looking at the chart, the ETH price is faced with a solid barrier near the resistance levels $ 86, $ 87, $ 88 and $ 90. Therefore, a positive closing above $ 88-90 could perhaps clear the way for further gains. towards $ 100 in the short term.
MACD time – The MACD is back in the bearish zone.
RSI timetable – The RSI fell below the 50 level and currently shows bearish signals.
Main support level: $ 80
Main resistance level – $ 88
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