- ETH price recoveries are capped by the $312-314 resistance zone against the US Dollar.
- There is a new connecting bearish trend line forming with resistance near $308 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The price might extend the recent slide and likely to test the $300-301 support area.
Ethereum price is currently moving down against the US Dollar and Bitcoin. ETH/USD might retest $300-301 before attempting an upside move.
Ethereum Price Downside Move
There was a slight recovery in ETH price yesterday towards the $314 level against the US Dollar. The price failed to gain traction above $310 and started a downside move. It traded below the 23.6% Fib retracement level of the last wave from the $285.99 low to $314.77 high. However, the downside move seems to be limited considering the current bias below $314.
Buyers appeared around the 38.2% Fib retracement level of the last wave from the $285.99 low to $314.77 high and protected declines. On the upside, there is a new connecting bearish trend line forming with resistance near $308 on the hourly chart of ETH/USD. A break above the trend line resistance and the $314 high won’t be easy. There is a chance that the pair might dip towards the 50% Fib retracement level of the last wave from the $285.99 low to $314.77 high at $300.38.
The $300-301 support area holds the key for the current slide in ETH. As long as the price is above the $300 level, it should break the trend line for an upside move. The $314 resistance is now significant since it is positioned with the 100 hourly simple moving average.
Hourly MACD – The MACD is almost flat and pointing towards range moves in the bearish zone.
Hourly RSI – The RSI is currently just below the 50 level and showing neutral signs.
Major Support Level – $300
Major Resistance Level – $314
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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