- ETH price recovered well from the $69.30 swing low against the US Dollar, and moved above $85.
- There is a crucial bearish trend line formed with resistance at $88.60 on the 4-hours chart of ETH/USD (data feed via SimpleFX).
- A break above the $88.60-89.00 resistance is needed for ETH buyers to gain control.
Ethereum price recovered well against the US Dollar and Bitcoin, and now ETH/USD is looking to break a crucial resistance near $89.
Ethereum Price Trend Line Resistance
This past week was mostly neutral for ETH price as it remained above the $80 area against the US Dollar. There were mostly swing moves, with a decent buying interest near $84. Earlier, there was a sharp dip towards the $70 level where the price found support. A low was formed at $69.30 from where a recovery was initiated. The price first traded above the 23.6% Fibonacci retracement level of the last decline from the $100.60 high to $69.30 low. It prompted further buying.
The price managed to move above the 100 simple moving average (H4) at $81, which is a positive sign. There was even a break above the 50% Fibonacci retracement level of the last decline from the $100.60 high to $69.30 low. At the moment, a crucial bearish trend line with resistance at $88.60 on the 4-hours chart of ETH/USD is preventing gains.
The same trend line resistance is important since is near the 61.8% Fibonacci retracement level of the last decline from the $100.60 high to $69.30 low. A break above it needed is for further gains above $90. On the downside, the 100 simple moving average (H4) at $84 can serve as a major support.
4-hours MACD – The MACD is slowly moving in the bullish zone.
4-hours RSI – The RSI has just moved above the 50 level, and heading higher.
Major Support Level – $84.00
Major Resistance Level – $89.00
Charts courtesy – SimpleFX
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