The US dollar sees a relief against ETH, as ETH/USD slowly devaluated after failing multiple times near the $14.20 resistance area. More losses ahead?
Ether Price Downside Move
There was hardly any recovery in Ether price against the US Dollar, instead it was seen losing bids during the past 24 hours. ETH/USD broke a short-term support area of $13.75 to trade towards the $13.60 area.
Currently, there is a bearish trend line formed on the last 24-hours chart of ETH/USD, which is acting as a resistance. Moreover, the broken support area (yellow line) may now act as a hurdle for an upside move.
In short, we can say that the price is currently testing a resistance area. A failure to move above it could push ETH/USD down towards the $13.60 level. However, I still believe that there is a high probability of ETH/USD testing the $13.00-$12.80 support area in the near term.
The last 7-days chart also suggests that the price is facing a resistance on the upside. There is a bearish trend line formed (yellow line), which is silently pushing the price down.
As long as Eth remains below the highlighted yellow line, there is a chance of a move towards the $13.00-$12.80 levels (highlighted with red lines).
On the upside, the $14.00-$14.20 area remains a major resistance zone for the ETH/USD pair.