Ethereum Price Technical Analysis – ETH/USD Breaks Short-term …

Key Highlights

• ETH price failed to move above the $295 level against the US Dollar and traded down.
• There was a break below yesterday’s highlighted bullish trend line with support at $291 on the hourly chart of ETH/USD (data feed via SimpleFX).
• There is now a new connecting bearish trend line forming with resistance near $290.50.

Ethereum price is again heading south against the US Dollar and Bitcoin. ETH/USD might correct further lower towards $282 in the near term.

Ethereum Price Resistance

Yesterday, there was an attempt to break the $295 resistance, but ETH price failed to gain pace against the US Dollar. The price traded as high as $295.83 and later started a downside move. During the downside, there was a break below yesterday’s highlighted bullish trend line with support at $291 on the hourly chart of ETH/USD. The pair also broke the 23.6% Fib retracement level of the last wave from the $274.62 low to $295.83 high.

The pair traded close to the $285 level where buyers emerged. The 50% Fib retracement level of the last wave from the $274.62 low to $295.83 high acted as a major barrier for sellers. The price recovered, but now there is a new connecting bearish trend line forming with resistance near $290.50. If the price corrects higher, it might find offers near $290. On the downside, the 100 hourly simple moving average is near $284.

Moreover, the 61.8% Fib retracement level of the last wave from the $274.62 low to $295.83 high is at $282.72. Therefore, dips towards the $284-282 levels might find support. On the other hand, any upside move towards $290 could face resistance. The price needs to overcome the current range pattern to make the next move either below $282 or above $294-295.

Hourly MACD – The MACD is slightly in the bearish zone.

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

Major Support Level – $282

Major Resistance Level – $290

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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