- ETH price declined recently and traded towards the $286 support against the US Dollar.
- There is a major bearish trend line forming with resistance at $300.50 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The price might correct towards $300.50-302.00 where it is likely to face selling pressure.
Ethereum price moved down sharply against the US Dollar and Bitcoin. ETH/USD found support near $286 and is currently recovering towards $302.
Ethereum Price Resistance
It seems like ETH price completely failed to make it above the $310-312 levels against the US Dollar. The price started a downside move below $308 and due to a sharp rise in Bitcoin buying, ETH moved down. There was a break below a major support area near $302, which ignite further losses. Sellers even succeeded in breaking the $300 and $296 support levels and a low was formed near $285.23.
The $286 support acted as a strong support once again and pushed the price higher. It has moved above the 23.6% Fib retracement level of the last decline from the $312.27 high to $285.23 low. However, the upside move failed near the $299 level and the 50% Fib retracement level of the last decline from the $312.27 high to $285.23 low. On the upside, there is a major bearish trend line forming with resistance at $300.50 on the hourly chart of ETH/USD. The stated $299-302 region was a support earlier and now it is acting as a resistance.
The 100 hourly simple moving average is also near $303 to act as a barrier for more gains. It seems like there can be ranging moves in ETH above $286-290 before the price jumps above $305. On the downside, the $285-286 support levels are significant for the current trend.
Hourly MACD – The MACD is back in the bearish zone.
Hourly RSI – The RSI is now below the 50 level near 40.
Major Support Level – $286
Major Resistance Level – $302
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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