Technically, the hourly chart is signaling a toppish scenario at $13.50.
ETH/USD Resistance Level
Ether price managed to pop a few points yesterday against the US Dollar and Bitcoin. There was a bounce in ETH/USD towards $13.50, and ETH/BTC tested 0.0222BTC. Both pairs found sellers on the upside and started struggling.
The ETH/USD pair is facing a lot of offers near $13.50, as it can be clearly seen from the hourly chart. The pair is struggling to surpass the stated level despite of more than 4 attempts. This means it is a crucial barrier for an upside move.
It is important to note that the $13.50 resistance also represents the 50% Fibonacci retracement level of the last drop from the $14.31 high to $12.70 low. So, it is a major hurdle for the Ether bulls, as I pointed out yesterday. Although, I was hoping of a break above $13.50, but it looks like there is a loss in momentum, stopping buyers to take the price higher.
The last 3-4 hourly candles are bearish and calling for a downside reaction. The pair may head towards the $13.00 support if the current bearish momentum stays intact. For the Ether bulls to gain traction, they need to surpass the $13.50 hurdle.
The mentioned level significance is also visible on the 2-hours chart. However, there is also a bullish trend line formed on the same chart. So, if the price continues to move down, it may find support near the highlighted trend line.