Ethereum price ETH continued its downtrend and moved further down. Yesterday, there was an attempt to correct higher, but a bearish trend line formed on the hourly chart (data feed via Kraken) of ETH/USD prevented the upside move and pushed the price down once again. The highlighted trend line resistance holds a lot of importance, as it acted as a barrier for the ETH bulls on many occasions.
An initial resistance on the upside lies at the 23.6% Fib retracement level of the last drop from the $8.55 high to $7.116 low. We need to keep a close eye on the trend line and resistance area. A break and close above it could take the price towards the next resistance area, which is at the 100 hourly simple moving average, coinciding with the 50% Fib retracement level of the last drop from the $8.55 high to $7.116 low.
