Key Highlights
- ETH price is struggling to clear a significant resistance near $614 against the US Dollar.
- There is a major bullish trend line formed with support at $598 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair may continue to trade in a range before making the next move either above $614 or below $600.
Ethereum price is facing tough resistances against the US Dollar and Bitcoin. ETH/USD needs to gather pace above the $614 level to move further higher.
Ethereum Price Resistance
There were mostly ranging moves above the $590 level in ETH price against the US Dollar. The price traded above the $615 level recently, but it failed to break the $617 resistance. A high was formed at $617.50 before there was a downside correction. It declined below the $610 level and the 23.6% Fib retracement level of the last wave from the $573 low to $617 high.
However, the decline was protected by the $598-600 support area. Moreover, the 38.2% Fib retracement level of the last wave from the $573 low to $617 high also acted as a support. There is also a major bullish trend line formed with support at $598 on the hourly chart of ETH/USD. The 100 hourly simple moving average is also positioned near the $598 level, which is preventing declines. On the upside, the price is facing a key resistance near the $614 level. A break above the stated resistance is needed for buyers to gain traction above the $620 level.
Looking at the chart, the price is currently trading in a range and eyeing the next break above $614. On the flip side, if there is a downside break, the price may perhaps decline back towards the $590 and $585 levels in the near term.
Hourly MACD – The MACD is slightly placed in a bearish zone.
Hourly RSI – The RSI is currently just below the 50 level with a minor bearish angle.
Major Support Level – $598
Major Resistance Level – $614
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