Ether Price Retreats From Critical Resistance Level
|Ether price after an upside move towards $12.10 against the US Dollar found resistance and traded lower.|
|There was a break of a minor bullish trend line formed on the 30-min chart of the ETH/USD pair.|
|The pair is currently trading near $11.90, which is a major short-term support.|
Technically, the 2-hours chart still has a major support waiting on the downside to stop losses.
ETH/USD Support and Analysis
Ether price was trading with a bullish tone yesterday, and even broke the $12.05 high to trade towards $12.16 against the US Dollar. However, the upside move found offers near $12.10, and the price started retreating.
During the recent downside move, the ETH/USD pair broke a minor bullish trend line formed on the 30-min chart. However, the downside found support near $11.90. I mentioned in the recent analysis that the stated level may provide support since it was a resistance earlier.
One negative point here is the fact that the price is struggling to hold the 61% Fib retracement level of the last wave from the $11.77 low to $12.10 high. The pair should bounce soon or there lies a risk of further losses in the short term.
However, the Ether bulls need not to worry as there is a bullish trend line waiting on the 2-hours chart of ETH/USD. This is the same trend, which I pointed in the last two analysis.
The highlighted trend line support is still intact, and it looks like the pair is likely heading towards it. In that situation, the ETH sellers might struggle to break it. In my view, as long as the price remains above the trend line, it may bounce back. Only a 2-hour close below it could ignite a possibility of a trend change.