• ETH price is still trading below the $108 and $110 resistance levels against the US Dollar.
  • There is a new connecting bearish trend line formed with resistance near $107 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair remains supported on the downside above the $105 and $103 levels in the near term.

Ethereum price is confined in a tiny range against the US Dollar and bitcoin. ETH/USD could continue to consolidate until trading volumes pick up and price action improves.

Ethereum Price Analysis

There was a downside move from the $110 swing high in ETH price against the US Dollar. The ETH/USD pair traded below the $108 and $106 support levels, plus settled below the 100 hourly simple moving average. It tested the $105 support level, where buyers emerged and protected further losses. Later, there was an upside correction above the $106 and $107 levels. The price even broke the 50% Fib retracement level of the recent decline from the $110 high to $105 swing low. However, the upside move was capped by the $108 resistance area.

Moreover, the price was rejected near the 61.8% Fib retracement level of the recent decline from the $110 high to $105 swing low. There is also a new connecting bearish trend line formed with resistance near $107 on the hourly chart of ETH/USD. The pair is currently trading well below the $108 resistance and the 100 hourly simple moving average. A successful break above the trend line, 100 hourly simple moving average, and the $108 resistance is needed for more gains. The next major resistance is near the $110 level, above which the price could rally towards $115.

Ethereum Price Analysis ETH Chart

Looking at the chart, ETH price is clearly trading in a range below the $108 and $110 resistance levels. On the downside, an initial support is at $105, below which the price may test the $103 support level.

ETH Technical Indicators

Hourly MACDThe MACD for ETH/USD is slowly moving back in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now well below the 50 level, with a few bearish signs.

Major Support Level – $103

Major Resistance Level – $108

The post Ethereum Price Analysis: ETH Consolidates While Trading Volume Drops appeared first on NewsBTC.



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