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.
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
