Ether Price Struggles Near Resistance Zone
|Ethereum price after posting gains against Bitcoin and US Dollar started facing offers near a major resistance area.|
|ETH/BTC is facing hurdle near 0.0250BTC, and ETH/USD is facing offers near $14.75-$15.00.|
ETH after an upside move faced sellers near 0.0250BTC, which is preventing gains. A down move might take ETH/BTC towards 0.0240BTC.
Ether Price Trend Line Resistance
There was a minor upside move in ETH vs BTC intraday, as the price moved towards the 0.0255BTC level. However, there were sellers ready to protect the upside move. Moreover, there is also a bearish trend line formed on the 24H chart of ETH/BTC, which acted as a barrier and stalled gains. There were around 3-4 attempts to trade higher above the trend line resistance, but ETH failed to break it.
Furthermore, the 38.2% Fib level of the last drop from the 0.0254BTC high to 0.0247BTC low also came into the action and prevented the upside move. Overall, it looks like the price made a short-term top and might trade a few points down in the near term.
Now, let us see where the ETH can find support if it moves down from the current levels. There is a major support trend line forming the last 7-day chart of ETH/BTC, which can serve as a buy zone.
So, as highlighted in yesterday’s analysis, there is a crucial support area formed near 0.0240BTC. If the price corrects lower from the current levels, then one may consider buying near the stated level with a stop of 2-3 points.