Ethereum Price Technical Analysis – ETH/USD Testing Important Support

Key Highlights

• ETH price is currently testing an important support near $278-276 against the US Dollar.
• There is a new declining channel pattern with support near $276 forming on the hourly chart of ETH/USD (data feed via SimpleFX).
• There is also a bullish trend line with support around $276, which points importance of the mentioned level.

Ethereum price is showing minor bearish signs against the US Dollar and Bitcoin. ETH/USD is currently approaching a major support near the $278-276 levels.

Ethereum Price Support

It seems like sellers are not giving up as there was no upside move in ETH price above $288 against the US Dollar. The price struggled to form a new high above $298 and is currently following a declining pattern. It has already breached the 38.2% Fib retracement level of the last leg from the $255.63 low to $298.50 high. Therefore, it now remains at a risk of more losses below $280 in the short term.

However, the price is currently approaching a major support area near $278-276. There are many supports around $276, starting with the 50% Fib retracement level of the last leg from the $255.63 low to $298.50 high. There is also a bullish trend line with support near $276. Furthermore, the 100 hourly simple moving average is also positioned near $276. Overall, the $276-278 support zone is very important and must hold losses. Lastly, there is a new declining channel pattern with support near $276 forming on the hourly chart of ETH/USD.

On the upside, the channel resistance is near $288-289. A break above the channel resistance and $298 is needed for the price to gain traction. If the $276-278 support levels fail to hold, the price might test the last swing low of $255.

Hourly MACD – The MACD has just moved into the bearish zone.

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

Major Support Level – $276

Major Resistance Level – $298

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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