Ethereum Price Weekly Analysis – ETH/USD Remains Pressured

Key Highlights

• ETH price continued to face sellers and failed to close above $300 against the US Dollar.
• There is a crucial bearish trend line forming with current resistance as $288 on the 4-hours chart of ETH/USD (data feed via SimpleFX).
• The pair is likely to continue moving lower and retest the last swing low of $230 if sellers remain in control.

Ethereum price is struggling to gain momentum against the US Dollar and Bitcoin, and ETH/USD may now decline back towards the previous support.

Ethereum Price Resistance

There was a sharp decline in ETH price towards the $200 handle recently against the US Dollar. The price traded as low as $230 where there was a solid buying interest. The price started a recovery and moved sharply higher. It traded above the $250 and $300 resistances. A high was formed at $316 where sellers defended further gains and prevented a break above $320.

A crucial bearish trend line forming with current resistance as $288 on the 4-hours chart of ETH/USD acted as a barrier. Moreover, the 100 simple moving average on the same chart prevented a close above $300. As a result, the price started declining once more, and traded below $300. It broke the 50% Fib retracement level of the last wave from the $202 low to $316 high. During the downside, the price also cleared the $277 support.

At the moment, it is trading near the 61.8% Fib retracement level of the last wave from the $202 low to $316 high. There are chances of further declines if buyers fail to hold $250. A close below $240 could ignite a sharp downside move towards the next major support at $203.

4-hours MACD – The MACD is gaining pace in the bearish zone and signaling declines.

4-hours RSI – The RSI is now well below the 50 level and heading lower.

Major Support Level – $285.00

Major Resistance Level – $330.00

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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