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- The price of ETH did not exceed the resistance of $ 105 and then declined relative to the US dollar.
- The crucial downtrend line highlighted yesterday is intact, with resistance close to $ 104 on the ETH / USD time chart (data feed via Kraken).
- The pair must break the resistance levels of $ 104 and $ 105 to launch a decent upward correction.
The recovery of Ethereum prices remained capped in relation to the US dollar and Bitcoin. ETH / USD could continue to consolidate above the USD 100 support before the next breakout.
Ethereum Price Analysis
Yesterday, there was a short-term upward correction from the $ 100 low of the ETH price against the US dollar. The ETH / USD pair is traded above the $ 102 and $ 104 resistance levels. However, the price dropped nearly $ 105 and the single moving average every hour near a major resistance zone. In addition, a failure was observed near the Fib retracement level of 61.8% from the last fall, from the high of $ 107 to the low of $ 100. The price peaked near the $ 105 level and then began a downward trend.
He broke the $ 104 level and the Fib retracement level of 23.6% from the recent wave, rising from a low of $ 100 to a high of $ 105. On the other hand, there are some supports close to the $ 103 level. If the price continues to fall, he could test the $ 102 level. It represents the Fib retracement level of 61.8% of the recent wave, from the low of 100 USD to 105 USD. The main support is $ 100, below which there is a risk of a sharp drop to support at $ 95. On the other hand, there are many obstacles around the resistance levels of $ 104 and $ 105. In addition, the crucial downtrend line highlighted yesterday is intact, with resistance close to $ 104 on the ETH / USD time chart.
Looking at the chart, ETH prices remain below key resistance levels of $ 104 and $ 105. If buyers continue to struggle near the $ 105 level, there could be a downward reaction below the $ 100 support.
ETH Technical Indicators
Hourly MACD – The MACD for ETH / USD is slowly declining in the bearish zone.
RSI hourly – The RSI for ETH / USD is back below level 50, with a bearish angle.
Major support level – $ 100
Major resistance level – $ 105
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