Key Highlights

Ethereum price is struggling to recover higher against the US Dollar and bitcoin. ETH/USD could start a solid upward move if there is a break above $90.

There was a decent bullish reaction from the $80 support in ETH price against the US Dollar. The ETH/USD pair climbed above the $84, $85 and $86 resistance levels. There was even a spiked above $86 and the 100 hourly simple moving average. However, buyers failed to hold gains and the price retreated from the $88 resistance area. It declined below the 50% Fib retracement level of the last wave from the $80 low to $88 high.

Moreover, the price traded below the $85 support and the 100 hourly SMA. At the moment, the price is holding the $83 support. Besides, the 76.4% Fib retracement level of the last wave from the $80 low to $88 high is at $82.50. A break below the $82 level will most likely push the price back towards the $80 level. On the upside, an initial resistance is near $86 and the 100 hourly SMA. Additionally, there is a major bearish trend line formed with resistance at $87 on the hourly chart of ETH/USD.

Looking at the chart, ETH price is facing a solid barrier near the $86, $87, $88 and $90 resistance levels. Therefore, a successful close above $88-90 may perhaps clear the path for more gains towards $100 in the near term.

Hourly MACD – The MACD moved back in the bearish zone.

Hourly RSI – The RSI declined below the 50 level and it is currently showing bearish signs.

Major Support Level – $80

Major Resistance Level – $88

The post Ethereum Price Analysis: ETH Could Turn Bullish Above $90 appeared first on NewsBTC.

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