Ethereum Price Technical Analysis – ETH/USD Upside Capped

Key Highlights

  • ETH price remained below the $230-236 resistance area and failed to gain traction against the US Dollar.
  • Yesterday’s highlighted bearish trend line with current resistance near $228 on the hourly chart of ETH/USD (data feed via SimpleFX) is still intact.
  • The price has slowly moved below the 100 hourly SMA, but there is no major move below $230.

Ethereum price is struggling to gain bullish momentum against the US Dollar and Bitcoin, and ETH/USD remains capped by a major hurdle near $230-236.

Ethereum Price Resistance

During the past few days, there were only range moves in ETH price above the $205 level against the US Dollar. On the upside, the price struggled to break the $230 and $236 resistance levels. There was no major action during the past few sessions, and the price slowly moved below $228. It is now below the 100 hourly simple moving average and the 38.2% Fib retracement level of the last wave from the $208.10 low to $236.16 high.

On the upside, yesterday’s highlighted bearish trend line with current resistance near $228 on the hourly chart of ETH/USD is capping upside. It may continue to prevent gains unless buyers succeed in placing the price above $236-240. On the downside, an immediate support is around the 50% Fib retracement level of the last wave from the $208.10 low to $236.16 high at $222.13. However, there can be a reaction towards the $218 level, which is the 61.8% Fib level of the same wave.

Ethereum Price Technical Analysis ETH USD

As long as there is no upside break above $236, we might continue to see ranging moves. On the downside, $218 and $205 levels can be considered as a decent support levels.

Hourly MACD – The MACD is almost flat, signaling no major move.

Hourly RSI – The RSI is currently just below the 50 level, but with no major direction.

Major Support Level – $218

Major Resistance Level – $236

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.

Let’s block ads! (Why?)

Source: Newsbtc