Ethereum Price Technical Analysis – ETH/USD Extends Decline




Ethereum price extended its decline against the US Dollar and Bitcoin. ETH/USD might slide further and could test the $300-296 support zone.
Ethereum Price Technical Analysis ETH USD

Key Highlights

  • ETH price failed to remain above the $317 swing low against the US Dollar and extended its decline.
  • There is a connecting bearish trend line forming with current resistance at $310 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The price might continue to decline and could even test the $300.00 handle in the near term.

Ethereum price extended its decline against the US Dollar and Bitcoin. ETH/USD might slide further and could test the $300-296 support zone.

Ethereum Price Decline

Yesterday, we saw the start of a downside move in ETH price below $335 against the US Dollar. The price remained under a bearish pressure and traded below $330 and the 100 hourly simple moving average. Sellers got back in control and even took the price below the last swing low of $317. It has opened the doors for more gains since the price is now below $315. A break below the 50% Fib retracement level of the last wave from the $296.34 low to $350.52 high points to further losses.

At the moment, the price is trading below $310 and eyeing a test of the $300 level. Since, the price is already below the 76.4% Fib retracement level of the last wave from the $296.34 low to $350.52 high, there is a chance of ETH retesting $296.34. On the upside, there is a connecting bearish trend line forming with current resistance at $310 on the hourly chart of ETH/USD.

Ethereum Price Technical Analysis ETH USD

It won’t be easy for buyers to push the price back above $315-317 levels. On the downside, an immediate support is at $300 followed by the last swing low at $296.34. Selling rallies in the short term towards $315-320 can be considered with a stop above $330.

Hourly MACD – The MACD is placed well in the bearish zone.

Hourly RSI – The RSI is currently near the oversold levels.

Major Support Level – $300

Major Resistance Level – $317

 

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.

Published by

Aayush Jindal

Aayush has spent over a DECADE as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets. He is a software engineer by profession, loves blogging and observing financial markets.

SUBSCRIBE TO OUR NEWSLETTER