Ethereum Price Technical Analysis – ETH/USD Breaks Key Support

Key Highlights

• An increase in the bearish pressure ignited a downside break below $360 in ETH price against the US Dollar.
• There was a break below yesterday’s highlighted a cluster of bullish trend lines with supports at $360, $350 and $345 on the hourly chart of ETH/USD (data feed via SimpleFX).
• The pair just managed to hold the $310 support area and currently attempting a recovery.

Ethereum price failed to retain gains against the US Dollar and Bitcoin, and ETH/USD broke a major support area at $355-360 igniting downsides.

Ethereum Price Resistance

In yesterday’s analysis, we saw a connecting bearish trend line at $380 for ETH price against the US Dollar. The price failed to break the trend line resistance, and moved down below $370. The worst thing was a break below a major support area at $355-360. Moreover, there was a break below a cluster of bullish trend lines with supports at $360, $350 and $345 on the hourly chart of ETH/USD. The last break was below the 100 hourly simple moving average at $353.

These all are short-term bearish signs, and as it can be seen from the chart, the price fell and traded towards $300. However, buyers managed to hold the $310 support area. At the moment, the price is recovering, and trading above the 23.6% Fib retracement level of the last decline from the $389 high to $310 low. However, there is a major resistance forming at $355. The stated zone was a support earlier, and now it may prevent gains above $360.

The 50% Fib retracement level of the last decline from the $389 high to $310 low is also at $350. Furthermore, the 100 hourly simple moving average at $353 is also waiting to act as a hurdle for buyers. Overall, there can be short-term swing moves in ETH towards $360-365 followed by downsides towards $340-330.

Hourly MACD – The MACD is now placed well in the bearish zone.

Hourly RSI – The RSI is slowly moving higher from the oversold readings.

Major Support Level – $310

Major Resistance Level – $360

 

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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