Ethereum price is facing an uphill task against the US Dollar and Bitcoin. ETH/USD needs to clear the $1070 and $1085 resistance levels to gain upside momentum.
Yesterday, we saw the start a decent upside recovery from the $753 swing low in ETH price against the US Dollar. The price succeeded in moving past the $800 and $1000 resistance levels.
There was also a break above the 38.2% Fib retracement level of the last major decline from the $1375 high to $753 low. It cleared the path for more gains, but the price seems to be struggling to move above the $1070 and $1085 resistance levels.
There is also a major bearish trend line with resistance at $1065 on the hourly chart of ETH/USD. The trend line resistance is also around the 50% Fib retracement level of the last major decline from the $1375 high to $753 low.
Therefore, the $1065 resistance level is very crucial for further upsides. More importantly, the 100 hourly simple moving average is positioned near $1085 to act as a key barriers for buyers. Read more from newsbtc.com…
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