Ethereum Price Technical Analysis – ETH/USD Recovery Won’t be Easy

Key Highlights

  • ETH price remained in the bearish trend and declined below $240 against the US Dollar.
  • There is a monster bearish trend line forming with resistance at $248 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The price might correct a few points from the current levels, but upsides remain capped near $250-260.

Ethereum price is under heavy selling pressure against the US Dollar and Bitcoin. ETH/USD might decline further and could even test $210.

Ethereum Price Resistance and Upside Hurdles

There were further declines in ETH price as it moved below the $260 and $250 support levels against the US Dollar. Yesterday, there was a minor correction from the $260 level towards $280. However, the upside move was capped and buyers failed to break the $280 resistance area. The price declined and traded below $260 to form a new monthly low. The decline was such that the price even failed to hold the $240-230 support area and traded to a new low at $221.42.

At the moment, the price is correcting from $221. It moved above the 23.6% Fib retracement level of the last decline from the $281.31 high to $221.42 low. However, there is a monster bearish trend line forming with resistance at $248 on the hourly chart of ETH/USD. The trend line resistance is also near the 38.2% Fib retracement level of the last decline from the $281.31 high to $221.42 low. Therefore, a break above the trend line resistance at $250 won’t be easy.

Ethereum Price Technical Analysis ETH USD

If the current bearish pressure remains intact, there is a chance of a break below $220. The price might even test the $210-200 support zone where sellers could struggle.

Hourly MACD – The MACD is strongly placed in the bearish zone.

Hourly RSI – The RSI is currently well below the 50 level and showing bearish signs.

Major Support Level – $220

Major Resistance Level – $260

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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