Key Highlights

• ETH price after trading as high as $50.60 against the US Dollar found sellers and moved down.
• There is a major bearish trend line formed with resistance at $44.60 on the 4-hours chart of ETH/USD pair (data feed via SimpleFX).
• On the downside, the $42.00 level can be considered as a short-term support area.

Ethereum price is pushing lower after failing to break the $50.50 area against the US dollar, and ETH/USD may slide further in the short term.

Ethereum Price Trend Line Resistance

This past week, ETH price managed to pop higher towards the $50.50-60 resistance against the US Dollar. However, it failed to gain momentum, and started a downside move below $50. Similarly, there was no major momentum against the Bitcoin and the price traded below 0.045BTC. It looks like the momentum is slightly lower, and ETH/USD might trade towards $42 in the near term.

The price action suggests there can be continuous decline as long as the price is below $45. The price has already broken the 23.6{88c91daedd271a990a10650c05d769cae2765e0603edf30ca95f18704e5748e8} Fib retracement level of the last wave from the $30.36 low to $53.67 high. So, there can be declines below $44.60. On the upside, the price is facing a major bearish trend line formed with resistance at $44.60 on the 4-hours chart of ETH/USD pair. Actually, there are two bearish trend lines around the $44.50 area. The most important point is the fact that the 100-hourly simple moving average is also at $47.29.

On the downside, the 50{88c91daedd271a990a10650c05d769cae2765e0603edf30ca95f18704e5748e8} Fib retracement level of the last wave from the $30.36 low to $53.67 high is also failing to hold losses. So, if it continues to fail, there can even be a decline below $40 going forward.

4-hours MACD – The MACD is currently attempting to move back in the bullish zone.

4-hours RSI – The RSI just failed to break the 50 level.

Major Support Level – $42.00

Major Resistance Level – $45.00

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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