Analysis Technical

Ethereum Price Analysis: ETH/USD Facing Significant Resistance

Aayush Jindal | August 27, 2018 | 6:00 am
sleepwalking, technical analysis ethereum
Analysis

Ethereum Price Analysis: ETH/USD Facing Significant Resistance

Aayush Jindal | August 27, 2018 | 6:00 am

Key Highlights

  • ETH price was not able to break higher and it is currently trading below $275 against the US Dollar.
  • There is a significant bearish trend line formed with resistance near $272-274 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must clear the $275 resistance and the 100 hourly simple moving average for more gains.

Ethereum price is trading with a neutral bias against the US Dollar and bitcoin. ETH/USD needs to gain momentum above $275 for further gains in the near term.

Ethereum Price Upside Hurdle

There were many attempts by ETH price to move into a bullish zone with a break above the $275-280 zone against the US Dollar. The ETH/USD pair continuously struggled to gain momentum and it recently declined below $275. There was also a break below the 38.2% Fib retracement level of the last wave from the $259 low to $283 high. However, declines were limited since the $270 level acted as a support.

Moreover, it seems like the 50% Fib retracement level of the last wave from the $259 low to $283 high is acting as a support. If there is a break below the $270 and $268 levels, the price may well decline back towards the $262 level. On the upside, there is a significant bearish trend line formed with resistance near $272-274 on the hourly chart of ETH/USD. The same trend line acted as a hurdle for buyers on many occasions above $275. It also coincides with the 100 hourly SMA near the $277 level. Therefore, a break and close above $277-280 is needed for buyers to gain traction.

Ethereum Price Analysis ETH USD

Looking at the chart, ETH price is clearly struggling to clear the trend line and $280. In the short term, there could be a push towards the $270 and $268 levels before a recovery.

Hourly MACD – The MACD is flat in the bearish zone.

Hourly RSI – The RSI is placed well below the 50 level.

Major Support Level – $270

Major Resistance Level – $277

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.

Get the app

Featuring live charts, price analysis, breaking news, currency converter and more. The only bitcoin app you need!

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