Ethereum Price Weekly Analysis – ETH/USD’s Upsides Capped

Key Highlights

• ETH price is trading below the $309 resistance and the 100 simple moving average (H4) against the US Dollar.
• There is a major bearish trend line forming with resistance at $302 on the 4-hours chart of ETH/USD (data feed via SimpleFX).
• The pair has to break the $302 resistance the 100 SMA (H4) to move back in the bullish zone.

Ethereum price is struggling to gain momentum against the US Dollar and Bitcoin. ETH/USD has to stay above $288 to gain upside momentum.

Ethereum Price Support

This past week was mostly neutral for ETH price above $280 against the US Dollar. The price was seen recovering towards $305-310, but sellers managed to defend further upsides and pushed the price down. At present, the price is consolidating in a range above $288 and preparing for the next move. There was a ride towards $309.50, but the price failed to break the 100 simple moving average (H4).

It moved down once again and broke the 38.2% Fib retracement level of the last wave from the $272.62 low to $309.42 high. However, the downside move was protected by the $292-290 support area. Moreover, the 50% Fib retracement level of the last wave from the $272.62 low to $309.42 high also acted as a support. It seems like the price might continue to trade in a range before the next move. On the upside, there is a major bearish trend line forming with resistance at $302 on the 4-hours chart of ETH/USD.

The trend line resistance near $302-304 is also close to the 100 SMA (H4). That’s why a break above the $302 and $309 levels are required for buyers to gain momentum. On the other hand, a break of the $288 support would call for more declines back towards $272.

4-hours MACD – The MACD is almost flat in the bearish zone.

4-hours RSI – The RSI is currently just below the 50 level.

Major Support Level – $288

Major Resistance Level – $309

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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