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Ethereum Price Technical Analysis: Trying to Recover Against Hurdle

 

price-recovery-attempt

Ethereum price is currently attempting to recover against the US Dollar as ETH/USD faces a major hurdle on the upside at $10.10.

Key Highlights

  • ETH price after declining towards $9.44 against the US Dollar found support.
  • The price is currently recovering, and facing sellers near a bearish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD.
  • The ETH buyers need an encouragement in gaining strength to overcome hurdles on the upside.

 

Ethereum Price Resistance

This past week we saw how there was a decline in ETH price from the $10.80 level to $9.50 area against the US Dollar. Over the weekend, there was a consolidation phase, as the ETH/USD pair started a minor recovery. During the correction phase, it settled above the 23.6% Fib retracement level of the decline from the $10.63 high to $9.44 low, and currently facing as a major resistance.

ethereum-price-november-14th-2016-analysis

There are a couple of important hurdles aligned at $10.05-10 levels, acting as a solid resistance. First, there is a bearish trend line formed on the hourly chart (data feed via SimpleFX) of ETH/USD. Second, the 38.2% Fib retracement level of the decline from the $10.63 high to $9.44 low is positioned. Lastly, the 100 hourly simple moving average is also just above the trend line. So, we can say that the $10.05-10 is a major breakout zone for the ETH price.

We need to see if there can be a break above it or not. If the ETH buyers succeed in breaking the mentioned resistance area, then it would open the doors for a further recovery. On the upside, the next resistance in that case may be around the $10.50 level.

Hourly MACD – The MACD has changed the slope from the bearish to bullish zone.

Hourly RSI – The RSI has also moved above the 50 level, which is a positive sign.

Major Support Level – $10.10

Major Resistance Level – $10.50

 

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. Altcoin Today does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.

 

 

Source: NewsBTC

Charts courtesy of SimpleFX

Image from iStock

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