Ethereum Price Technical Analysis ETH USD

Ethereum Price Technical Analysis – ETH/USD Extends Decline

Avatar Aayush Jindal 2 years ago

Key Highlights

  • ETH price failed to hold an important support and traded towards $301 against the US Dollar.
  • Yesterday’s highlighted short-term bullish trend line with support at $305 was broken on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The price is currently holding the 100 hourly simple moving average at $300.80, but remains at risk.

Ethereum price started declining once again against the US Dollar and Bitcoin. ETH/USD might extend declines toward $299 or even $297.

Ethereum Price Trend

There was no upside break in ETH price above the $309 level against the US Dollar. The price started a downside move and broke the 23.6% Fib retracement level of the last wave up from the $290.98 low to $309.08 high. The downside wave was such that the price failed to hold an important support and traded towards $301. During the downside move, there was a break below yesterday’s highlighted short-term bullish trend line with support at $305 on the hourly chart of ETH/USD.

It opened the doors more declines and the price even cracked the $302 support to test the 100 hourly simple moving average. ETH is currently holding the 100 hourly simple moving average, but remains at risk of more losses toward $299 or even $297. The next important support is near the 50% Fib retracement level of the last wave up from the $290.98 low to $309.08 high at $299.99. A close below $299.99 could ignite a downside wave towards the next support at $297.00.

Ethereum Price Technical Analysis ETH USD

On the upside, the $305 level is now a resistance area. A close above $305 is required for a retest of $309. Overall, there can be more ranging moves below $309 before ETH/USD makes the next move.

Hourly MACD – The MACD is gaining pace in the bearish zone.

Hourly RSI – The RSI is now well below the 50 level and showing negative signs.

Major Support Level – $299

Major Resistance Level – $305

 

Charts courtesy – SimpleFX

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial...

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