Ethereum Price Technical Analysis ETH USD

Ethereum Price Technical Analysis – ETH/USD In Trouble

Avatar Aayush Jindal 2 years ago

Key Highlights

  • ETH price failed to hold the $290 support and declined towards $274 against the US Dollar.
  • There is a major bearish trend line forming with resistance at $292.50 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The price is currently correcting higher, but upsides are likely to be capped by $290 and $292.

Ethereum price made a sharp downside move against the US Dollar and Bitcoin. ETH/USD is now below $290 and remains at a risk.

Ethereum Price Decline

There was no recovery in ETH price above the $300 level against the US Dollar. The price extended its decline and even broke a major support area near $290. It ignited further declines and the price even moved below the $280 level. A low was formed near $274.65 from where there was a sharp recovery. Buyers succeeded in pushing the price above the 38.2% Fib retracement level of the last decline from the $303.21 high to $274.65 low.

However, the upside move was protected by the $290 level. It was a support earlier and recently prevented the current recovery above $290. Moreover, the 50% Fib retracement level of the last decline from the $303.21 high to $274.65 low also acted as a resistance. To the upside, there is a major bearish trend line forming with resistance at $292.50 on the hourly chart of ETH/USD. The trend line resistance is near the 61.8% Fib retracement level of the last decline from the $303.21 high to $274.65 low.

Ethereum Price Technical Analysis ETH USD

Therefore, a break above $290 and $292 won’t be easy in the near term. On the downside, there is an open space up to $275-274. As long as the price is below $290, it would continue to move down.

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

Hourly RSI – The RSI has reached the oversold levels with no signs of a recovery.

Major Support Level – $274

Major Resistance Level – $290

 

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...

Tags: BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Nexo

Instant Crypto Credit Lines™ from only 5.9% APR - unlock your crypto-wealth tax-efficiently, without selling it. Earn up to 8% interest per year on your Stablecoins, USD, EUR & GBP. $100 million custodial insurance.

Ad
Show comments