- 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