Ethereum Price Weekly Analysis – ETH/USD Under Pressure …

Key Highlights

• ETH price fell from the $393.56 high and currently remains under pressure against the US Dollar.
• There is a major contracting triangle pattern with resistance at $320.00 forming on the 4-hours chart of ETH/USD (data feed via SimpleFX).
• The pair is likely to break the $296 level and extend declines in the near term.

Ethereum price is under heavy selling pressure against the US Dollar and Bitcoin. ETH/USD might continue to decline as long as below $320.

Ethereum Price Resistance

It was a volatile week for ETH price as it traded towards the $400 level against the US Dollar. The price made a top near $393.56 and later started moving lower. Sellers gained control after the news of Chinese bitcoin exchanges ban rumors, and the price dropped below $325. A low was formed near $274.01 before the price started correcting lower. There was a correction initiated and the price moved above the 38.2% Fib retracement level of the last decline from the $393.56 high to $274.01 low.

However, the upside move was protected by a major hurdle near $333. The 50% Fib retracement level of the last decline from the $393.56 high to $274.01 low is at $333 to act as a barrier. Moreover, the 100 simple moving average on the 4-hours chart is at $337. It looks like a major contracting triangle pattern with resistance at $320.00 is forming on the 4-hours chart of ETH/USD.

The pair is again heading lower and currently testing the triangle support at $294. A break and close below $294 could take the pair back towards $274. On the upside, the $320-333 levels remains a major resistance zone. If you are looking to buy, you should wait for the price to get stable above $310 before entering into a trade.

4-hours MACD – The MACD is currently in the bearish zone.

4-hours RSI – The RSI is now well below the 50 level.

Major Support Level – $294

Major Resistance Level – $333

Charts courtesy – SimpleFX

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.

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