Ethereum Price Technical Analysis – ETH/USD False Downside …

Key Highlights

• ETH price corrected lower after trading as high as $313.62 against the US Dollar.
• There was a false break noted below a bullish trend line with support at $290 on the hourly chart of ETH/USD (data feed via SimpleFX).
• There pair is back above the bullish trend line, but struggling to move above the $300 level.

Ethereum price started a downside correction against the US Dollar and Bitcoin, and now ETH/USD is consolidating below the $300 handle.

Ethereum Price Support

Yesterday, we saw a new monthly high near $313.62 in ETH price against the US Dollar. Later, the price started a downside move and traded below the $310 and $300 levels. There was even a break below the 23.6% Fib retracement level of the last wave from the $265.50 low to $313.62 high. The price declined towards $270 and traded as low as $277.41 where it found support.

During the downside move, there was a break below a bullish trend line with current support at $290 on the hourly chart of ETH/USD. It seems like it was a false break below the $285 level. The pair is currently back above the bullish trend line, but struggling to move above the $300 level. It recently traded close to the 61.8% Fib retracement level of the last decline from the $313.62 high to $277.41.

However, a connecting bearish trend line prevented gains above $300. The price is moving back lower and may retest the bullish trend line at $290. It must hold the trend line support and $290, it ETH/USD has to resume its upside move in the near term. A close below $290 would call for a retest of the last low of $277.

Hourly MACD – The MACD has reduced all of its bullish slope.

Hourly RSI – The RSI is currently just above the 50 level.

Major Support Level – $290

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.

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