Tuesday, July 23, 2024

    Ethereum Price Weekly Analysis – ETH/USD Not out of Woods

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    Key Highlights

    • ETH price is holding a monster support area near $280.00 against the US Dollar.
    • There is a short-term bearish trend line forming with resistance at $301 on the 4-hours chart of ETH/USD (data feed via SimpleFX).
    • The pair has to break the $301 resistance the 100 simple moving average (H4) to gain momentum.

    Ethereum price is neutral against the US Dollar, but under a lot of pressure against Bitcoin. ETH/USD needs to hold $280 to avoid more declines.

    Ethereum Price Support

    This past week, there was an upside move in ETH price above the $325 level against the US Dollar. However, the price failed to hold gains and moved back below the $300 handle. The price recently traded as low as $286.43 where it found a strong support. The mentioned $285-280 support area holds a lot of significance. It prevented declines on many occasions and likely to continue acting as a barrier for sellers.

    If there is a break and close below $280, the price might come under a lot of selling pressure. However, the mentioned case is very unlikely at the moment. It should hold the $280 area and remain in either neutral zone or move higher. On the upside, an initial resistance is around the 23.6% Fib retracement level of the last decline from the $350.52 high to $286.43 low. However, the main hurdle is near $310.95 and the 100 simple moving average (H4). It also represents the 38.2% Fib retracement level of the last decline from the $350.52 high to $286.43 low.

    Therefore, a proper break above $301 and then $311 is needed for a move towards $330 or higher. On the downside, the $280 level remains a key barrier for more declines.

    4-hours MACD – The MACD is still in the bearish zone.

    4-hours RSI – The RSI is currently well below the 50 level.

    Major Support Level – $280

    Major Resistance Level – $301


    Charts courtesy – SimpleFX

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