Key Highlights

  • ETH price traded further lower and almost tested the $200 support against the US Dollar.
  • Yesterday’s highlighted two bearish trend lines with resistance at $275-288 on the hourly chart of ETH/USD (data feed via SimpleFX) are still valid.
  • The price is currently recovering, but likely to face sellers near $270 and $288 in the near term.

Ethereum price has started a recovery against the US Dollar and Bitcoin, but the ETH/USD pair is likely to face offers above $270 and $280.

Ethereum Price Trend Lines Resistance

There were further losses in ETH price below the $240 support against the US Dollar. The price failed to overcome selling pressure and traded close to the $200 level. A new weekly low was formed at $204 from where a recovery wave was initiated. There was a strong buying interest above $200, which opened the doors for a recovery in the near term. The price moved higher and traded above the 23.6% Fib retracement level of the last decline from the $310 high to $204 low.

The current wave trend is positive, but there are many hurdles on the way up near $270 and $288. Yesterday’s highlighted two bearish trend lines with resistance at $275-288 on the hourly chart of ETH/USD are waiting to stop the upside. Moreover, the 50% Fib retracement level of the last decline from the $310 high to $204 low is at $257. The 100 hourly simple moving average is also waiting above the trend lines at $290 to act as a barrier.

So, if the price continues to move higher, it is likely to face resistances starting from $260 up to $288. On the downside, the $200 handle is a monster support zone.

Hourly MACD – The MACD is reducing the bearish zone.

Hourly RSI – The RSI is about to move above the 50 level.

Major Support Level – $220

Major Resistance Level – $288

 

Charts courtesy – SimpleFX

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.


Read more

There are currently no comments.