Ethereum price did not move much against the US Dollar and Bitcoin, and ETH/USD is currently forming a range with resistance near $91.
Yesterday, we saw an upside break in ETH price above $88 against the US Dollar. However, the price was contained near $91, which acted as a strong resistance and prevented gains. The same level was also near the 76.4% Fib retracement level of the last decline from the $98 swing high to $70 low. Later, the price started trading in a range with resistance just below $91.
If we look closely, then it’s the 100 hourly simple moving average which is acting as a strong hurdle and currently near $88.20. It may continue to act as a barrier for gains above $90. Looking at the hourly chart of ETH/USD, there is a clear range pattern formed with support at $84.60 and resistance near $91. On the downside, the range support is near the 23.6% Fib retracement level of the last wave from the $70 swing low to $90.98 high.
As long as the price is below the 100 hourly simple moving average and $91, there is a chance of a dip towards $84. However, any downside move should limited, considering the current market sentiment. Finally, when buyers gain traction, ETH price may look to break $91 for further gains in the near term.
Hourly MACD – The MACD is mostly flat.
Hourly RSI – The RSI is just around the 50 level.
Major Support Level – $84
Major Resistance Level – $91
Charts courtesy – SimpleFX
Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.
Following Bitcoin’s recent plunge into the mid-$9,000 region, the cryptocurrency has been able to post a strong and sustainable bounce… Read More
The "big reveal" by the latest self-proclaimed Satoshi Nakamoto was an epic failure that overpromised and underdelivered. | Source: Shutterstock… Read More
Litecoin has been wrapped in negative sentiment as of late, which has primarily been rooted it its lackluster price action… Read More
Overview Buying furniture for cryptocurrency For most of its existence, the Bitcoin community (BTC) believed that cryptocurrency would be a… Read More