- ETH price struggled to break a major resistance area near $282-284 against the US Dollar and moved down.
- Yesterday’s highlighted bullish trend line with support at $268 on the hourly chart of ETH/USD (data feed via SimpleFX) was broken.
- The pair is now below the $267 support and the 100 hourly simple moving average.
Ethereum price struggled to gain pace against the US Dollar and Bitcoin, and $284 barrier pushed the ETH/USD pair below a key support.
Ethereum Price Downside Move
Yesterday, we noticed a decent support at $255 for ETH price against the US Dollar. There was a slight increase in the bearish pressure on ETH, and as a result, its price declined a few points. However, it is still holding the $255 support. On the upside, it looks like the $282-284 resistance turned out to be a major barrier for buyers. It acted as a support and resistance on many occasions, and this time it prevented gains above $285.
The price started a downside move below $280. There was a break below yesterday’s highlighted bullish trend line with support at $268 on the hourly chart of ETH/USD. The next break was below the 23.6% Fib retracement level of the last wave from the $240 low to $284 high. The bearish pressure ignited further declines and the price moved below the $267 support and the 100 hourly simple moving average. It is currently flirting with the 50% Fib retracement level of the last wave from the $240 low to $284 high.
It looks like the price has turned bearish below $280 in the short term. There is a chance that the price might decline below $255 for a complete test of $240. On the upside, an initial resistance is at $270 support and the 100 hourly simple moving average.
Hourly MACD – The MACD is back in the bearish zone.
Hourly RSI – The RSI has moved below the 50 level and signal losses.
Major Support Level – $255
Major Resistance Level – $280
Charts courtesy – SimpleFX