Ethereum price failed to gain momentum against the US Dollar and Bitcoin, and ETH/USD may soon head lower to retest a major support area.
There was a decent upside move in ETH price towards $91 against the US Dollar, but the momentum was not there. The price traded close to the 76.4% Fib retracement level of the last decline from the $97.90 high to $69.24 low where it faced resistance. The most important thing was a failure to break the 100 hourly simple moving average at $90.98. However, one positive sign was break above yesterday’s highlighted major bearish trend line near $88 on the hourly chart of ETH/USD.
The price is once again heading lower, and trading near the 23.6% Fib retracement level of the last wave from the $69.24 low to $90.98 high. The broken trend line zone at $86-88 is acting as a support. However, a major support is at $84.60. If the price fails to hold it, there are chances of further declines. The next stop could be near the 50% Fib retracement level of the last wave from the $69.24 low to $90.98 high at $80.11.
On the upside, the 100 hourly simple moving average may continue to act as a barrier near $91. A break above it must for further gains. So, we may soon witness either a break above $91 or below $84.60.
Hourly MACD – The MACD is slightly in the bearish zone.
Hourly RSI – The RSI is currently just below the 52 level.
Major Support Level – $84.60
Major Resistance Level – $91
Charts courtesy – SimpleFX
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