Ethereum Price Technical Analysis – ETH/USD Consolidating Losses

Key Highlights

• ETH price after trading towards the $400 handle failed and declined against the US Dollar.
• There is a breakout pattern forming with resistance near $350.00 on the hourly chart of ETH/USD (data feed via SimpleFX).
• There is a chance that the price could break $350 as long as it stays above the $335 support.

Ethereum price is consolidating losses against the US Dollar and Bitcoin. ETH/USD might soon attempt an upside break above $350 in the near term.

Ethereum Price Resistance

This past week we saw that ETH price failed to test the $400 level and declined against the US Dollar. The price started a downside move and dropped sharply towards $325. The price traded as low as $325.47 before starting a recovery. It seems like the price is currently forming a consolidation pattern and might range trade for a few sessions before making the next move. On the downside, there is a trend line support near $340. It can be considered as a major support for a retest of $325.

The price recently failed near the 50% Fib retracement level of the last drop from the $369.27 high to $33.58 low. There is a breakout pattern forming with resistance near $350.00 on the hourly chart of ETH/USD. It won’t be easy for buyers to break the $350-355 resistance to gain pace in the near term. On the other hand, a break below $340 could take the price towards $325.

The current momentum is slightly bearish since there was no close above the 50% Fib retracement level of the last drop from the $369.27 high to $33.58 low at $351. One may consider trading with a break either above $355 or below $335 in the short term.

Hourly MACD – The MACD is about to move into the bullish zone.

Hourly RSI – The RSI is currently below the 50 level, but stable.

Major Support Level – $340

Major Resistance Level – $350-355

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.

<!–

–>

NewsBTC USA