- ETH price formed a decent support near $ 98 and recovered recently against the US Dollar.
- There is a major bearish trend line formed with resistance at $ 117 on the 4-hours chart of ETH/USD (data feed via Kraken).
- The pair is likely to face a lot of hurdles near $ 117, $ 120, $ $ 132 and $ 139 in the near term.
Ethereum price remains in a bearish zone versus the US Dollar and Bitcoin. ETH/USD must clear the $ 117 and the $ 132 resistance to climb towards $ 165.
Ethereum Price Analysis
After a sharp decline, ETH price traded close to the $ 100 support area against the US Dollar. The ETH/USD pair traded as low as $ 98 and later started an upside correction. The price formed a decent support near the $ 98-100 zone and later climbed higher. It moved above the $ 110 and $ 115 resistance levels. There was even a break above the 23.6% Fib retracement level of the last drop from the $ 180 high to $ 98 low.
However, upside were capped by $ 125 and the price remained well below the 100 simple moving average (4-hours). More importantly, there is a major bearish trend line formed with resistance at $ 117 on the 4-hours chart of ETH/USD. The pair is currently consolidating near the trend line and $ 115. Buyers need to break the $ 117 and then $ 120 resistances to climb higher. The next major hurdle is near the $ 138-140 zone. It coincides with the 50% Fib retracement level of the last drop from the $ 180 high to $ 98 low.
The above chart indicates that ETH price is struggling to break the $ 117 and $ 120 resistance. If buyers continue to struggle, there is a chance of a downside break below $ 110. The main support is at $ 100 followed by the $ 95 level.
4-hours MACD – The MACD is currently flat in the bearish zone.
4-hours RSI – The RSI is placed nicely above the 50 level with a neutral angle.
Major Support Level – $ 100
Major Resistance Level – $ 117