Ethereum Price Technical Analysis – ETH/USD Back to Square One

Key Highlights

• ETH price failed badly to move past $309 against the US Dollar and started a new downside wave.
• There is a short-term bullish trend line with support at $288.50, holding losses on the hourly chart of ETH/USD (data feed via SimpleFX).
• The price might correct higher, but likely to decline further towards $280 in the near term.

Ethereum price is struggling to gain momentum against the US Dollar and Bitcoin. ETH/USD failed near $309 and is currently trading below $300.

Ethereum Price Resistance

Yesterday, we saw a decent rise in ETH price above the $300 level against the US Dollar. The price managed to move above $305 and traded close to the $310 level. A high was formed at $309.43 where buyers failed to push the price further higher. There were two attempts to take the price above $309.50, but sellers defended more gains successfully. As a result, a new downside wave was initiated and the price moved below the 38.2% Fib retracement level of the last wave from the $273.67 low to $309.43 high.

The price also moved below the $300 level and the 100 hourly simple moving average. It means the price once again moved back in the bearish zone below $300. At the moment, the price is trading below the 50% Fib retracement level of the last wave from the $273.67 low to $309.43 high. The ETH/USD pair is also attempting a close below a short-term bullish trend line with support at $288.50.

Once there is a close below $288.50, there are chances of more declines. On the upside, the 100 hourly SMA at $294 might act as a resistance. Moreover, there is a bearish trend line with resistance at $295.40. Overall, the price is back in the bearish zone and needs to move back above $296 to avoid any further declines.

Hourly MACD – The MACD has just moved into the bearish zone.

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

Major Support Level – $288

Major Resistance Level – $296

 

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.

<!–

–>