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    Ethereum Price Technical Analysis – ETH/USD Fails Again?

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    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.

    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

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