Ethereum Price Technical Analysis – Can ETH/USD Break This?

Key Highlights

• ETH price failed once again to trade above the $308.00 resistance against the US Dollar and declined.
• There is a new connecting bearish trend line with resistance at $297.00 forming on the hourly chart of ETH/USD (data feed via SimpleFX).
• The pair might continue to trade lower and could soon test the $286.50 support zone.

Ethereum price is struggling to break the shackles against the US Dollar and Bitcoin, and ETH/USD might continue to move lower towards $286.50.

Ethereum Price Upside Hurdle

There was no major action in ETH price against the US Dollar as it remained below the $308.00 resistance. The most important driving factor at the moment is Bitcoin price, which recently surged above $4300. All other cryptocurrencies are struggling to gain momentum, including ETH. BCH/USD also faced sellers and moved below the $300 level.

There are many hurdles for ETH price on the upside, including $303 and $303. There is a new connecting bearish trend line with resistance at $297.00 forming on the hourly chart of ETH/USD. The trend line resistance acted as a barrier and prevented gains above $310 on many occasions. Recently, the pair recovered above the 50% Fib retracement level of the last decline from the $317 high to $286 low. However, it failed to move above the $306 level and the 100 hourly simple moving average.

It also failed near the 61.8% Fib retracement level of the last decline from the $317 high to $286 low. It is once again moving lower and may soon test the last swing low of $286.50. Only a close above the trend line resistance at $297.00 and the 100 hourly simple moving average could open the doors for more gains.

Hourly MACD – The MACD is gaining momentum in the bearish zone.

Hourly RSI – The RSI is heading lower and currently well below the 50 level.

Major Support Level – $286

Major Resistance Level – $297

 

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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