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Key Highlights
- ETH price after trading towards the $400 handle failed and declined against the US Dollar.
- There is a breakout pattern forming with resistance near $350.00 on the hourly chart of ETH/USD (data feed via SimpleFX).
- There is a chance that the price could break $350 as long as it stays above the $335 support.
Ethereum price is consolidating losses against the US Dollar and Bitcoin. ETH/USD might soon attempt an upside break above $350 in the near term.
Ethereum Price Resistance
This past week we saw that ETH price failed to test the $400 level and declined against the US Dollar. The price started a downside move and dropped sharply towards $325. The price traded as low as $325.47 before starting a recovery. It seems like the price is currently forming a consolidation pattern and might range trade for a few sessions before making the next move. On the downside, there is a trend line support near $340. It can be considered as a major support for a retest of $325.
The price recently failed near the 50% Fib retracement level of the last drop from the $369.27 high to $33.58 low. There is a breakout pattern forming with resistance near $350.00 on the hourly chart of ETH/USD. It won’t be easy for buyers to break the $350-355 resistance to gain pace in the near term. On the other hand, a break below $340 could take the price towards $325.
The current momentum is slightly bearish since there was no close above the 50% Fib retracement level of the last drop from the $369.27 high to $33.58 low at $351. One may consider trading with a break either above $355 or below $335 in the short term.
Hourly MACD – The MACD is about to move into the bullish zone.
Hourly RSI – The RSI is currently below the 50 level, but stable.
Major Support Level – $340
Major Resistance Level – $350-355
Charts courtesy – SimpleFX
