- ETH price is struggling to move higher and is currently trading near the $290 level against the US Dollar.
- There is a major bearish trend line forming with resistance near $298 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The price might continue to struggle as long as there is no close above the $298-300 levels.
Ethereum price failed to gain traction against the US Dollar and Bitcoin. ETH/USD remains at risk of more losses if it does not move above $300 sooner or later.
Ethereum Price Resistance
There was a slow and steady decline in ETH price from the $307 swing high against the US Dollar. The price was not able to settle above $307 and the 100 hourly simple moving average. As a result, there was a downside reaction and the price settled below the $300 level. It is a bearish signs and puts the price at risk of more losses below $300. At present, the price is trading near the $290-288 support, but showing a lot of bearish signs.
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On the upside, an initial resistance is around the 23.6% Fib retracement level of the last decline from the $303.99 high to $288.82 low. A recovery won’t be easy from the current levels, but the $288.50 support zone holds a lot of importance. To the topside, there is a major bearish trend line forming with resistance near $298 on the hourly chart of ETH/USD. Below the trend line, the 50% Fib retracement level of the last decline from the $303.99 high to $288.82 low is at $296.40.
In order to move back in the bullish zone, the price has to move above $298-300.
Hourly MACD – The MACD is still in the bearish zone with no major sign of a recovery.
Hourly RSI – The RSI is currently well below the 50 level.
Major Support Level – $288
Major Resistance Level – $300
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.