Tuesday, May 28, 2024

    Ethereum Price Weekly Analysis–ETH/USD’s Recoveries Remain Capped

    Latest Posts

    Key Highlights

    • ETH price recovered after a nasty downside move toward the $475 level against the US Dollar.
    • A major bullish trend line with support at $600 is acting as a key buy zone on the 4-hours chart of ETH/USD (data feed via SimpleFX).
    • The pair might fail to move above $715 in the near term, but also remains supported at $560.

    Ethereum price is slightly under pressure against the US Dollar and Bitcoin. ETH/USD is currently below $715 and is struggling to gain traction.

    Ethereum Price Support

    The past couple of days were very choppy for ETH price as it tumbled below the $550 pivot against the US Dollar. The price made a sharp downside move and traded below the $700 and $620 support levels. Moreover, the price also broke the $550 pivot and even traded below the $500 level. During the downside move, there was a break below a bullish trend line with support at $760 on the 4-hours chart.

    The downside move was stalled near the $475 level and another bullish trend line on the same chart. The current trend line support is at $600 is a major buy zone. The pair has moved above the 50% Fib retracement level of the last decline from the $864.53 high to $475.28 low. However, it seems like the pair is struggling to break the $715 level. Moreover, the 61.8% Fib retracement level of the last decline from the $864.53 high to $475.28 low is also acting as a major resistance.

    On the positive side, the price is above the 100 simple moving average and the $600 support. As long as the price is above $600, it might attempt an upside move. If buyers fail to hold the $600 level, there can be more downsides.

    4-hours MACD – The MACD is currently in the bearish zone with negative signs.

    4-hours RSI – The RSI is currently moving down and is below the 50 level.

    Major Support Level – $600

    Major Resistance Level – $715


    Charts courtesy – SimpleFX

    Latest Posts

    Don't Miss