Key Highlights
- ETH price recovered recently, but it failed to break the $88 resistance against the US Dollar.
- There is a major bearish trend line formed with resistance at $87 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair must break the $87, $88 and $90 resistance levels to move into a positive zone.
Ethereum price is struggling to recover higher against the US Dollar and bitcoin. ETH/USD could start a solid upward move if there is a break above $90.
Ethereum Price Analysis
There was a decent bullish reaction from the $80 support in ETH price against the US Dollar. The ETH/USD pair climbed above the $84, $85 and $86 resistance levels. There was even a spiked above $86 and the 100 hourly simple moving average. However, buyers failed to hold gains and the price retreated from the $88 resistance area. It declined below the 50% Fib retracement level of the last wave from the $80 low to $88 high.
Moreover, the price traded below the $85 support and the 100 hourly SMA. At the moment, the price is holding the $83 support. Besides, the 76.4% Fib retracement level of the last wave from the $80 low to $88 high is at $82.50. A break below the $82 level will most likely push the price back towards the $80 level. On the upside, an initial resistance is near $86 and the 100 hourly SMA. Additionally, there is a major bearish trend line formed with resistance at $87 on the hourly chart of ETH/USD.
Looking at the chart, ETH price is facing a solid barrier near the $86, $87, $88 and $90 resistance levels. Therefore, a successful close above $88-90 may perhaps clear the path for more gains towards $100 in the near term.
Hourly MACD – The MACD moved back in the bearish zone.
Hourly RSI – The RSI declined below the 50 level and it is currently showing bearish signs.
Major Support Level – $80
Major Resistance Level – $88