- ETH price struggled to break a major resistance area near $282-284 against the US Dollar, and moved down.
- Yesterday’s highlighted bullish trend line with support at $268 on the hourly chart of ETH/USD (data feed via SimpleFX) was broken.
- The pair is now below the $267 support and the 100 hourly simple moving average.
Ethereum price struggled to gain pace against the US Dollar and Bitcoin, and $284 barrier pushed the ETH/USD pair below a key support.
Ethereum Price Downside Move
Yesterday, we noticed a decent support at $255 for ETH price against the US Dollar. There was a slight increase in the bearish pressure on ETH, and as a result, its price declined a few points. However, it is still holding the $255 support. On the upside, it looks like the $282-284 resistance turned out to be a major barrier for buyers. It acted as a support and resistance on many occasions, and this time it prevented gains above $285.
The price started a downside move below $280. There was a break below yesterday’s highlighted bullish trend line with support at $268 on the hourly chart of ETH/USD. The next break was below the 23.6% Fib retracement level of the last wave from the $240 low to $284 high. The bearish pressure ignited further declines and the price moved below the $267 support and the 100 hourly simple moving average. It is currently flirting with the 50% Fib retracement level of the last wave from the $240 low to $284 high.
It looks like the price has turned bearish below $280 in the short term. There is a chance that the price might decline below $255 for a complete test of $240. On the upside, an initial resistance is at $270 support and the 100 hourly simple moving average.
Hourly MACD – The MACD is back in the bearish zone.
Hourly RSI – The RSI has moved below the 50 level and signaling losses.
Major Support Level – $255
Major Resistance Level – $280
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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