12 Jan Ethereum Price Technical Analysis – ETH/USD Testing Key Support
- ETH price moved down recently and it broke the $1200 support against the US Dollar.
- There are bearish trend lines forming with resistance at $1170 and $1225 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The pair remains under a bearish pressure below $1200 and the 100 hourly simple moving average.
Ethereum price moved down against the US Dollar and Bitcoin. ETH/USD is currently holding the $1070 support, but it is below the 100 hourly SMA.
Ethereum Price Support
Yesterday, ETH price failed to move above the $1300 level against the US Dollar and moved down. The price traded lower and broke the $1200 support area and the 100 hourly simple moving average. The decline was steady and the price even cleared the $1100 support. It traded as low as $1079 from where an upside recovery was initiated towards $1200. It has moved above the 23.6% Fib retracement level of the last drop from the $1379 high to $1079 low.
However, there are many resistances on the upside around $1200 and the 100 hourly SMA. There are also bearish trend lines forming with resistance at $1170 and $1225 on the hourly chart of ETH/USD. The pair is currently attempting to break the first trend line at $1170. Above $1170, the 38.2% Fib retracement level of the last drop from the $1379 high to $1079 low is around $1193. The most important resistance is around the $1200 level and the 100 hourly SMA.
A proper close above the $1200 level and two bearish trend lines is needed for ETH to move back in the bullish zone. On the downside, the pair has to hold the $1070 low in order to avoid any further losses toward $1020 in the near term.
Hourly MACD – The MACD is now moving in the bearish zone.
Hourly RSI – The RSI is stable, bit it is well below the 50 level.
Major Support Level – $1070
Major Resistance Level – $1200
Charts courtesy – SimpleFX
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