Key Highlights

• ETH price struggled to break the $45.50 resistance area against the US Dollar and moved down.
• Yesterday’s highlighted connecting bearish with resistance at $46.10 on the hourly chart (ETH/USD, data feed via SimpleFX) acted as a barrier.
• The price traded as low as $40.68, and currently attempting a recovery.

Ethereum price is struggling to break a bearish trend line at $45.50 against the US Dollar, which puts ETH/USD at risk in the near term.

Ethereum Price Barrier

There was a recovery initiated in ETH price from the $40.80 low against the US Dollar. However, the price failed near $46.80 and then $45.38. These levels are perfectly aligned with a descending resistance. The mentioned resistance zone is formed with the 100 hourly simple moving average at $44.35. The same SMA acted as a barrier near $46.80 and $45.50. The price failed on many occasions, and recently dipped towards the last swing low of $40.80.

There was a new low formed at $40.68, and the price is currently attempting a recovery. An important point is yesterday’s highlighted connecting bearish is acting as a perfect resistance at $46.10 on the hourly chart of ETH/USD. The same coincides with the 100 hourly simple moving average at $44.35. So, we can say the trend line at $44.50 along with the 100 hourly simple moving average may continue to act as a barrier.

The price has moved above the 23.6{88c91daedd271a990a10650c05d769cae2765e0603edf30ca95f18704e5748e8} Fib retracement level of the last decline from the $46.80 high to $40.68 low. However, there are many hurdles waiting on the upside near $44.50. Also, the 50{88c91daedd271a990a10650c05d769cae2765e0603edf30ca95f18704e5748e8} Fib retracement level of the last decline from the $46.80 high to $40.68 low is positioned at $43.75.

Hourly MACD – The MACD is well placed in the bearish zone.

Hourly RSI – The RSI has recovered from the oversold levels, but remains well below the 50 level.

Major Support Level – $40.50

Major Resistance Level – $45.50

Charts courtesy – SimpleFX

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.

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