Ethereum technical analysis - resistance at $11.80

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03/30/2016 Ethereum technical analysis - resistance level is $11.80

Ethereum price is rising again. But it is a bit difficult to break through $11.80. Will Ethereum break through or go lower against the US dollar?

Key points:

After a slight decline, Ethereum price rose again but failed to break through the $11.80 resistance.

There were several times when it was about to break through, but it was successfully intercepted by several declines.

There is an ascending line in the ETH/USD hourly chart (data from Kraken) that is almost breaking out of a small decline and then breaking through the resistance level.

Ethereum price is rising again. But it is a bit difficult to break through $11.80. Will Ethereum break through or go lower against the US dollar?

Ethereum Price – Short-term Drop?

Yesterday, I highlighted the short-term opportunity to buy at low prices. Ethereum prices did drop a few pips, which provided an opportunity for long positions, but prices have since recovered. However, the bullish outlook failed to break above the last period’s price of around $11.80, and this resistance level has prevented further gains.

Now, the price is struggling to break the ascending line in the hourly chart of Ethereum to the US dollar. If the sellers can close the price below the support, then a move towards the 38.2% golden line (last period minimum $10.10, maximum $11.83) is possible.

The $10-11.20 support level is important for ETH/USD in the short term as the 100 hourly simple moving average is located nearby. Therefore, if you are planning to sell in the short term, your take profit level should be above $11.20 and your stop loss level should be around $11.90.

Hourly MACD (Moving Average Convergence Divergence) – The MACD is in the bearish zone, there may be more losses in the short term.

Hourly RSI (Relative Strength Index) – The RSI has declined below the 50 line, which is a warning for the bulls.

Intraday Support – $11.20

Intraday Resistance – $11.80