Key Highlights
- ETH price remained above the $42.60 support area against the US Dollar, but struggled to break higher.
- This week’s highlighted bearish trend line with resistance at $43.85 on the hourly chart (ETH/USD, data feed via SimpleFX) continues to act as a barrier.
- The price is now trading in a tiny range with a short-term support at $43.25.
Ethereum price continues to struggle to clear a major resistance near $43.80-44.00 against the US Dollar, and now ETH/USD is trading in a range.
Ethereum Price Major Hurdle
There was a minor upside push in ETH price towards $43.80 against the US Dollar. However, the price was not able to clear a major hurdle near $43.85-44.00. Starting from the $42.54 low, the price made an upside move, and climbed above the 23.6% Fib retracement level of the last decline from the $45.60 high to $42.54 low. This ignited more gains, but the upside move was limited by the $44.00 handle.
The price even traded close to the 50% Fib retracement level of the last decline from the $45.60 high to $42.54 low. But, it failed to sustain momentum, and moved a few points lower. At the moment, the most important resistance is near $44.00. It also coincides with this week’s highlighted bearish trend line with resistance at $43.85 on the hourly chart ETH/USD. The trend line resistance is positioned with the 38.2% Fib retracement level of the last decline from the $45.60 high to $42.54 low.
Also, the 100 hourly simple moving average is near $44.00. So, it looks like the $43.85-44.00 area remains a major hurdle. The price needs to clear it for a move towards the last swing high at $45.60. On the downside, an initial support is at $42.50.
Hourly MACD – The MACD is mostly flat with no major bias.
Hourly RSI – The RSI is just above the 50 level.
Major Support Level – $42.50
Major Resistance Level – $44.00
Charts courtesy – SimpleFX