Ethereum technical analysis - is this a pullback?

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Ethereum technical analysis - is this a pullback?

Ethereum price is currently struggling to stabilize its recent bullish trend and seems to be about to make another downward correction after a slight recovery.

Key points:

After hitting a new weekly high of $14.68, Ethereum (ETH) against the US dollar encountered selling and started to decline.

Before the decline began, the pattern on the hourly chart had been broken.

·ETH/USD found support near the 200 SMA, but the price stalled below the 100 SMA.

Ethereum price is currently struggling to stabilize its recent bullish trend and seems to be about to make another downward correction after a slight recovery.

Ethereum Market - Rebound

Ethereum has moved sharply higher against the US dollar over the past week and has broken through several important resistance levels, even testing $15.00. However, it failed to maintain its bullish trend and has started to fall back. This time the fall started from breaking through a narrow triangle pattern on the hourly chart.

The decline was sharp as the ETH/USD pair broke below the hourly simple moving average, which did not bode well for those who wanted to enter the market in the short term. However, finally, the price found support near the 200 SMA, which also formed a bullish trend line on the chart.

Ethereum has started to recover against the USD, which may push it towards the 50% golden line (last period from $14.29 to $12.10). However, I think the price may find selling near the 100SMA and then it may fall again, forming a three-band retracement pattern. So, you can trade it according to different situations, because Ethereum may be a little volatile in the short term.

Hourly Moving Average Convergence Divergence (MACD) – The MACD is currently stable and moving away from the bearish trend.

Hourly RSI (Relative Strength Index) – The RSI is below the 50 line, which is a bearish signal.

Major Support Level – $12.20

Major Resistance Level – $13.20