Ethereum Price Weekly Analysis – ETH/USD Pressured By Bitcoin

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Key Highlights

  • ETH price remained elevated above $280 against the US Dollar, but currently under pressure due to Bitcoin price rise.
  • There was a break below a major bullish trend line with support at $303.50 on the 4-hours chart of ETH/USD (data feed via SimpleFX).
  • The pair is currently under pressure and may struggle to break the recent high of $317.19.

Ethereum price is struggling to gain momentum against the US Dollar and Bitcoin. ETH/USD is currently correcting lower towards $280.

Ethereum Price Resistance

It was mostly a good week for ETH price as it moved above the $315 level to trade as high as $317.19 against the US Dollar. Later, the price struggled to move towards $320-325 and currently moving lower. It traded lower and moved below the $310 level. During the downside move, it broke the 23.6% Fib retracement level of the wave from the $256.34 low to $317.19 high.

Moreover, there was a break below a major bullish trend line with support at $303.50 on the 4-hours chart of ETH/USD. However, the downside move was protected by the 50% Fib retracement level of the wave from the $256.34 low to $317.19 high. The last two candles on the 4-hours chart are


Read more ... source: NewsBTC USA

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