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Ether Price Struggles Near Resistance Zone

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether price looks positive vs Bitcoin, but it is facing a resistance trend line on the hourly chart, which may ignite a minor downside in ETH.

Key Highlights

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.

Intraday Resistance Level

0.0250BTC

Intraday Support Level

0.0240BTC

Hourly RSI

The RSI is also below the 50 level, which is another sign of a downside move.

Hourly MACD

The MACD is moving into the bearish slope, calling for a minor dip in the short term.

Aayush Jindal

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets

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The content on ETHNews.com is provided for informational purposes only and it is not intended to be, and does not, constitute financial advice or any other advice. You should not rely on any ETHNews.com content to make an investment decision. ETHNews.com is not responsible for any investment decision made by you. You are responsible for your own investment research and investment decisions.