Ethereum Price Technical Analysis – ETH/USD Broke Key Support?

247 Bitcoin

Bitcoin News Search

1 News - 247 News - 247 Bitcoin - 1 Search


Key Highlights

  • ETH price was not able to move above the $298 level against the US Dollar and traded lower.
  • Yesterday’s highlighted contracting triangle pattern with support at $282 on the hourly chart of ETH/USD (data feed via SimpleFX) was breached.
  • If the recent downside break is real, the price might trade towards the $268-270 levels.

Ethereum price is slowly trading lower against the US Dollar and Bitcoin. ETH/USD cleared a key support at $282 and currently heading lower.

Ethereum Price Resistance

There was no major move in ETH price recently as it remained below the $298 resistance against the US Dollar. However, it seems like the price is losing steam and slowly below the $285 level. Yesterday, we saw a contracting triangle pattern with support at $282-284 on the hourly chart of ETH/USD. The pair failed to hold the triangle support at $284 and moved below $282. The most important thing was a break of the 23.6% Fib retracement level of the last wave from the $238.50 low to $298.70 high.

If the recent break is true, there are chances of further slides below $280. The next important support is near $268. The 50% Fib retracement level of the last wave from the $238.50 low to $298.70 high is near $268. Moreover, the 100 hourly simple moving average is also near $268. It means the $268 support is very important for the current trend and must hold losses.

Ethereum Price Technical Analysis ETH USD

On the upside, there is a connecting bearish trend line forming with current resistance at $296. A break above $296 followed by a close above $298 is required for further gains. In the short term, there can be swing moves towards $270-268 where buyers might emerge.

Hourly MACD – The MACD is slowly moving back into the bearish zone.

Hourly RSI – The RSI is now below the 50 level.

Major Support Level – $268

Major Resistance Level – $298

Charts courtesy – SimpleFX

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.

<!–

–>

247 Bitcoin

Bitcoin News Search

1 News - 247 News - 247 Bitcoin - 1 Search


Leave a Reply