Ethereum Price Technical Analysis – ETH/USD Fails Again?

Key Highlights

  • ETH price failed to gain momentum and broke the $300 support against the US Dollar.
  • Yesterday’s highlighted connecting bullish trend line with support at $296 on the hourly chart of ETH/USD (data feed via SimpleFX) was broken.
  • There is a new bearish trend line forming with current resistance at $294.50 on the same chart.

Ethereum price struggled to move further higher against the US Dollar and Bitcoin. ETH/USD is back below $300 and seems to be under bearish pressure.

Ethereum Price Resistance

Yesterday, we saw a nice upside move in ETH price above the $300 level against the US Dollar. The price traded as high as $311.45 before facing sellers and starting a downside move. The price came under pressure during the past sessions and moved below the 50% Fib retracement level of the last wave from the $285.20 low to $311.45 high. It opened the doors for more losses and the price is now trading below the $296 level. It broke a horizontal support at $295-296 to clear the path for more declines.

Moreover, yesterday’s highlighted connecting bullish trend line with support at $296 on the hourly chart of ETH/USD was cleared. During the downside move, sellers managed to push the price back below $290 and the 100 hourly simple moving average. These all are bearish signs since the price is now below $290. It traded as low as $284.03 and might correct in the short term.

Ethereum Price Technical Analysis ETH USD

An initial resistance is around the 23.6% Fib retracement level of the last drop from the $311.45 high to $284.03 low. However, the most important resistance is near the 100 hourly SMA and $296. It also represents the 38.2% Fib retracement level of the last drop from the $311.45 high to $284.03 low.

Hourly MACD – The MACD is now gaining strength in the bearish zone.

Hourly RSI – The RSI has reached the oversold levels.

Major Support Level – $285

Major Resistance Level – $296

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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