- ETH price declined recently and broke the $280 support against the US Dollar to trade as low as $274.84.
- Yesterday’s highlighted major bearish trend line with current resistance at $290.50 is intact on the hourly chart of ETH/USD (data feed via SimpleFX).
- The price is moving higher, but most likely to find sellers near the $290.50-291.00 levels.
Ethereum price remains in the bearish zone against the US Dollar and Bitcoin. ETH/USD’s upsides are capped by the $290 and $291 levels.
Ethereum Price Resistance
There was no respite for ETH price as it moved below the $285 and $280 support levels against the US Dollar. The price declined sharply and traded to a new monthly low at $274.84. Later, buyers succeeded in preventing further declines below $274 and the price started a short-term correction. It moved above the 23.6% Fib retracement level of the last decline from the $308.79 high to $274.84 low.
However, the upside move is currently finding sellers near $287.50. The mentioned $287.50 level prevented a break on 2-3 times recently. It also represents the 38.2% Fib retracement level of the last decline from the $308.79 high to $274.84 low. Above $287.50, the next hurdle is near yesterday’s highlighted major bearish trend line with current resistance at $290.50 on the hourly chart of ETH/USD. Moreover, the 50% Fib retracement level of the last decline from the $308.79 high to $274.84 low is near $291.81.
Therefore, there are many hurdles on the way up starting from $287.50 up to $291.80. A proper close above $292 is needed for buyers to step up the momentum. On the downside, the $280 level is an initial support followed by the recent low of $274.84.
Hourly MACD – The MACD has reduced most of its bearish slope.
Hourly RSI – The RSI is attempting to move above the 50 level and showing positive signs.
Major Support Level – $274
Major Resistance Level – $290
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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