Key Highlights
- ETH price declined recently and traded towards the $286 support against the US Dollar.
- There is a major bearish trend line forming with resistance at $300.50 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The price might correct towards $300.50-302.00 where it is likely to face selling pressure.
Ethereum price moved down sharply against the US Dollar and Bitcoin. ETH/USD found support near $286 and is currently recovering towards $302.
Ethereum Price Resistance
It seems like ETH price completely failed to make it above the $310-312 levels against the US Dollar. The price started a downside move below $308 and due to a sharp rise in Bitcoin buying, ETH moved down. There was a break below a major support area near $302, which ignite further losses. Sellers even succeeded in breaking the $300 and $296 support levels and a low was formed near $285.23.
The $286 support acted as a strong support once again and pushed the price higher. It has moved above the 23.6% Fib retracement level of the last decline from the $312.27 high to $285.23 low. However, the upside move failed near the $299 level and the 50% Fib retracement level of the last decline from the $312.27 high to $285.23 low. On the upside, there is a major bearish trend line forming with resistance at $300.50 on the hourly chart of ETH/USD. The stated $299-302 region was a support earlier and now it is acting as a resistance.
The 100 hourly simple moving average is also near $303 to act as a barrier for more gains. It seems like there can be ranging moves in ETH above $286-290 before the price jumps above $305. On the downside, the $285-286 support levels are significant for the current trend.
Hourly MACD – The MACD is back in the bearish zone.
Hourly RSI – The RSI is now below the 50 level near 40.
Major Support Level – $286
Major Resistance Level – $302
Charts courtesy – SimpleFX
