Analysis Technical

Ethereum Price Weekly Analysis: ETH/USD’s Struggle to Rise Continues

Aayush Jindal | August 26, 2018 | 3:08 am
technical analysis ethereum
Analysis

Ethereum Price Weekly Analysis: ETH/USD’s Struggle to Rise Continues

Aayush Jindal | August 26, 2018 | 3:08 am

Key Highlights

  • ETH price attempted a recovery above the $275.00 level, but it failed to gain traction against the US Dollar.
  • There is a major bearish trend line formed with resistance at $280 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair must accelerate above the $282 and $285 levels to recover further in the near term.

Ethereum price is struggling to gain traction versus the US Dollar and Bitcoin. ETH/USD could climb higher if buyers gain control above the $285 level.

Ethereum Price Resistance

There was a decent support base formed near the $255 level in ETH price against the US Dollar. The ETH/USD pair traded a few points higher and moved above the $280 level. There was also a break above the 50% fib retracement level of the last decline from the $301 high to $259 low. However, there was no upside acceleration above the $282 level as buyers failed to hold gains.

There was also no test of the 61.8% fib retracement level of the last decline from the $301 high to $259 low. These are negative signs and suggests the importance of the resistance near the $282 and $285 levels. Moreover, there is a major bearish trend line formed with resistance at $280 on the 4-hours chart of ETH/USD. The same trend line is currently preventing gains and pushing the price down towards the $270 level. If the price continues to move down, it could test the $268 and $265 levels. Below these, the price may perhaps test a crucial support zone near the $255 level.

Ethereum Price Weekly Analysis ETH USD Chart

The above chart indicates that ETH price is following a bearish structure below the $285 level. A proper break and close above the $282 and $285 levels may well open the doors for a push towards the 100 simple moving average (4-hours).

4-hours MACD – The MACD is mostly flat in the bearish zone.

4-hours RSI – The RSI is currently just around the 50 level.

Major Support Level – $255

Major Resistance Level – $285

Tags: , , , , , , , , ,    

NewsBTC is a news service that covers bitcoin news, technical analysis & forecasts for bitcoin and other altcoins. Here at NewsBTC, we are dedicated to enlightening people all around the world about bitcoin and other cryptocurrencies. We cover news related to bitcoin exchanges, bitcoin mining and price forecasts for various virtual currencies.

Casinos

Choose from the top online casinos
in UK and enjoy the fun!

Read More  ›

We use cookies to give you the best online experience. By agreeing you accept the use of cookies in accordance with our cookie policy.