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Key Highlights
- ETH price corrected lower after trading as high as $302.53 against the US Dollar.
- Yesterday’s highlighted crucial bearish trend line is intact with resistance near $292 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is likely to break the trend line and $295 for more gains in the near term.
Ethereum price is slightly under pressure against the US Dollar and bitcoin. ETH/USD may perhaps rise again above the $292 and $295 levels.
Ethereum Price Support
After trading above the $300 level, ETH price started a downside correction against the US Dollar. The ETH/USD pair traded lower and broke the $295 and $290 levels. There was even a break below the 50% Fib retracement level of the last wave from the $275 swing low to $302 high. However, losses were protected by the $284 support zone and the 61.8% Fib retracement level of the same wave.
The price formed a support base near $284 and it is currently trading above $290 and the 100 hourly SMA. Moreover, it has cleared the 23.6% Fib retracement level of the last drop from the $302 high to $284 low. However, the price is currently facing sellers near the $292 level. More importantly, yesterday’s highlighted crucial bearish trend line is intact with resistance near $292 on the hourly chart of ETH/USD. Above the trend line, the next resistance is near the $294 level. It is close to the 50% Fib retracement level of the last drop from the $302 high to $284 low. Above $294, the price could trade above the $300 level.
Looking at the chart, ETH price is slowly preparing for the next move above $292. Alternatively, if it fails to stay above the $284 level, it could move down back towards the $276 swing low.
Hourly MACD – The MACD is slightly placed in the bullish zone.
Hourly RSI – The RSI is just above the 50 level.
Major Support Level – $284
Major Resistance Level – $294
