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Key Highlights
- ETH price recovered a few points after trading as low as $304.26 against the US Dollar.
- There is a major bearish trend line in place with resistance at $320 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is struggling to move above the $320 and $328 resistance levels, and it remains at a risk below $310.
Ethereum price remains in a downtrend against the US Dollar and bitcoin. ETH/USD must clear the $320 and $330 resistance levels to recover towards $355.
Ethereum Price Trend
There were heavy declines below $348-350 in Ethereum price this past week against the US Dollar. The ETH/USD pair traded as low as $304.26 and is currently consolidating losses with a few positive moves. It traded above the $315 level and spiked above $325. There was also a break above the 23.6% Fib retracement level of the last decline from the $363.03 high to $304.26 low.
However, the upside move was capped by the $328-330 levels. Moreover, the 38.2% Fib retracement level of the last decline from the $363.03 high to $304.26 low acted as a resistance. At the outset, there is a major bearish trend line in place with resistance at $320 on the hourly chart of ETH/USD. Above the trend line resistance, the 100 hourly simple moving average is positioned near $340. Therefore, it seems like there is a cluster of resistances formed between $320-340. A break above this could push the price above the $348-350 resistance zone in the near term.
Looking at the chart, ETH price is showing no major signs of a recovery above $320. Therefore, it could dip a few points below the $315 level before it attempts to break the $320 and $330 resistance levels once again.
Hourly MACD – The MACD is mostly flat in the bearish zone.
Hourly RSI – The RSI is currently moving flat and is currently below the 50 level.
Major Support Level – $310
Major Resistance Level – $330
