Key Highlights
- ETH price declined recently and traded towards the $80-81 support area against the US Dollar.
- There was a break above a major bearish trend line with resistance at $84 on the 4-hours chart of ETH/USD (data feed via Kraken).
- The pair may continue to move higher, but it could face sellers near the $98 and $100 levels.
Ethereum price failed to gain bullish momentum versus the US Dollar and Bitcoin. ETH/USD remains a sell near the $98-100 resistance area in the near term.
Ethereum Price Analysis
This past week, ETH price started a downside move after trading as high as $98 against the US Dollar. The ETH/USD pair declined below the $90 and $84 support levels. The decline was such that the price traded close to the $80 support level. Later, the price recovered above $82, but it is still well below the 100 simple moving average (4-hours). Buyers recently pushed the price above the 23.6% Fib retracement level of the last decline from the $98 high to $80 low.
Moreover, there was a break above a major bearish trend line with resistance at $84 on the 4-hours chart of ETH/USD. The pair is currently trading above the $85 level, but there are many hurdles on the upside near the $89, $90, $95, $98 and $100 levels. An initial resistance is $89 and the 50% Fib retracement level of the last decline from the $98 high to $80 low. However, the main resistance is near the $98 level and the 100 simple moving average (4-hours).
The above chart indicates that ETH price might move a few points above $85 and $90. Having said that, it is likely to face a strong selling interest near the $98-100 zone. On the downside, the main supports are at $81 and $80.
4-hours MACD – The MACD just moved positively in the bullish zone.
4-hours RSI – The RSI recently jumped above the 50 level.
Major Support Level – $80
Major Resistance Level – $98
