Tuesday, January 31, 2023
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    Ethereum Price Technical Analysis – ETH/USD’s Recoveries Capped

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    Key Highlights

    • 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

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