Ethereum Price Technical Analysis – ETH/USD Recovery Won’t Be …

Key Highlights

• ETH price fell sharply intraday and traded towards the $270 level against the US Dollar.
• Yesterday’s highlighted connecting bearish trend line with current resistance at $287.00 on the hourly chart of ETH/USD (data feed via SimpleFX) is a major hurdle.
• The pair might resume its decline and could even retest the last swing low of $269.

Ethereum price declined sharply against the US Dollar and Bitcoin, and now it seems like a recovery in ETH/USD above $300 won’t be easy.

Ethereum Price Resistance

There was an increase in selling pressure on ETH price, taking it below the $280 level against the US Dollar. The price attempted a move above the $308 level and the 100 hourly simple moving average. However, it failed to settle above $308 and started a downside move. Later, sellers gained pace and the price declined below a key support area of $287. It opened the doors for more losses and the price moved below $280.

There was a new weekly low formed at $269.00 from where a minor recovery is initiated. The price moved above the 38.2% Fib retracement level of the last decline from the $305.79 high to $269.00 low. However, it failed to move above $287. The broken support at $287 is acting as a resistance. Moreover, the 50% Fib retracement level of the last decline from the $305.79 high to $269.00 low is also near $287. Lastly, yesterday’s highlighted connecting bearish trend line with current resistance at $287.00 on the hourly chart of ETH/USD is also a crucial hurdle.

Overall, it seems like the $287-290 zone is a major resistance zone for ETH. The price may soon resume its downside move and trade back towards the $270 level.

Hourly MACD – The MACD is reducing its bearish slope, but still in the negative zone.

Hourly RSI – The RSI is struggling to move back above the 50 level.

Major Support Level – $270

Major Resistance Level – $287

 

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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