Key Highlights
- ETH price failed once again to trade above the $308.00 resistance against the US Dollar and declined.
- There is a new connecting bearish trend line with resistance at $297.00 forming on the hourly chart of ETH/USD (data feed via SimpleFX).
- The pair might continue to trade lower and could soon test the $286.50 support zone.
Ethereum price is struggling to break the shackles against the US Dollar and Bitcoin, and ETH/USD might continue to move lower towards $286.50.
Ethereum Price Upside Hurdle
There was no major action in ETH price against the US Dollar as it remained below the $308.00 resistance. The most important driving factor at the moment is Bitcoin price, which recently surged above $4300. All other cryptocurrencies are struggling to gain momentum, including ETH. BCH/USD also faced sellers and moved below the $300 level.
There are many hurdles for ETH price on the upside, including $303 and $303. There is a new connecting bearish trend line with resistance at $297.00 forming on the hourly chart of ETH/USD. The trend line resistance acted as a barrier and prevented gains above $310 on many occasions. Recently, the pair recovered above the 50% Fib retracement level of the last decline from the $317 high to $286 low. However, it failed to move above the $306 level and the 100 hourly simple moving average.
It also failed near the 61.8% Fib retracement level of the last decline from the $317 high to $286 low. It is once again moving lower and may soon test the last swing low of $286.50. Only a close above the trend line resistance at $297.00 and the 100 hourly simple moving average could open the doors for more gains.
Hourly MACD – The MACD is gaining momentum in the bearish zone.
Hourly RSI – The RSI is heading lower and currently well below the 50 level.
Major Support Level – $286
Major Resistance Level – $297
Charts courtesy – SimpleFX
