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Key points
- The price of ETH has declined recently and has moved towards the support area of $ 80-81 compared to the US dollar.
- There was a break above an important bearish trend line with resistance to $ 84 on the 4-hour chart of Eth / USD (data feed via Kraken).
- The pair may continue to move higher, but may face sellers close to $ 98 and $ 100 levels.
The price of Ethereum failed to gain a bullish momentum compared to the US dollar and Bitcoin. The ETH / USD remains a sale near the $ 98-100 short-term resistance area.
Price analysis of Ethereum
Last week, the ETH price started a bearish move after trading up to $ 98 against the US dollar. The ETH / USD pair declined below the $ 90 and $ 84 support levels. The decline was such that the price was trading close to the $ 80 support level. Subsequently, the price recovered over $ 82. , but it is still well below the simple moving average at 100 (4 hours). The buyers have recently pushed the price above the Fib retracement level of 23.6% from the last decline from $ 98 high to $ 80 low.
Furthermore, there was a break above an important bearish trend line with resistance to $ 84 on the 4-hour chart of Eth / USD. The pair is currently trading above the $ 85 level, but there are many upside hurdles close to the $ 89, $ 90, $ 95, $ 98 and $ 100 levels. Initial resistance is $ 89 and the 50% retracement level Fiber% of the last decline from $ 98 high to $ 80 low. However, the main resistance is close to the $ 98 level and the simple moving average of 100 (4 hours).
The chart above indicates that the ETH price could move some points above $ 85 and $ 90. That said, it is likely to address a strong selling interest near the $ 98-100 zone. On the downside, the main supports are $ 81 and $ 80.
4-hour MACD: the MACD has just moved positively into the bullish zone.
4-hour RSI – The RSI recently passed Level 50.
Main support level: $ 80
Main resistance level: $ 98
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