24 Jan Ethereum Price Technical Analysis – ETH/USD is Still Bearish?
- ETH price recovered a few points, but it faced strong sell offers near $985 against the US Dollar.
- Yesterday’s highlighted key bearish trend line with current resistance at $980 is still active on the hourly chart of ETH/USD (data feed via SimpleFX).
- The pair is struggling to move above the trend line resistance at $980 and is currently moving lower.
Ethereum price faced a lot of sellers recently against the US Dollar and Bitcoin. ETH/USD needs to break the $980 and $985 resistance levels to gain upside momentum.
Ethereum Price Resistance
There was a short-term recovery initiated in ETH price from the $904 swing low against the US Dollar. The price traded above the $950 and $960 resistance levels, but it failed to retain the bullish momentum. There was a break above the 50% Fib retracement level of the last drop from the $1071 high to $896 low. However, the upside move faced a strong resistance at $1000-1005.
A fresh downside wave was initiated from the $1009 high. ETH failed to move above the 61.8% Fib retracement level of the last drop from the $1071 high to $896 low, which is a negative sign. More importantly, yesterday’s highlighted key bearish trend line with current resistance at $980 is still active on the hourly chart of ETH/USD. The pair is currently moving lower and is trading below the $975 level. It seems like the trend line resistance at $980 may continue to act as a major hurdle for buyers.
If buyers succeed in pushing the price above $980, there is a chance of further gains above $1005 in the near term. On the downsides, the $910 level is an initial support followed by the last low of $896.
Hourly MACD – The MACD is slowly gaining pace in the bearish zone.
Hourly RSI – The RSI is currently struggling to move above the 50 level.
Major Support Level – $910
Major Resistance Level – $980
Charts courtesy – SimpleFX
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