Ethereum Price Technical Analysis – ETH/USD Bearish Positions Increase

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Key Highlights

  • ETH price is struggling to move higher and is currently trading near the $290 level against the US Dollar.
  • There is a major bearish trend line forming with resistance near $298 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The price might continue to struggle as long as there is no close above the $298-300 levels.

Ethereum price failed to gain traction against the US Dollar and Bitcoin. ETH/USD remains at risk of more losses if it does not move above $300 sooner or later.

Ethereum Price Resistance

There was a slow and steady decline in ETH price from the $307 swing high against the US Dollar. The price was not able to settle above $307 and the 100 hourly simple moving average. As a result, there was a downside reaction and the price settled below the $300 level. It is a bearish signs and puts the price at risk of more losses below $300. At present, the price is trading near the $290-288 support, but showing a lot of bearish signs.

On the upside, an initial resistance is around the 23.6% Fib retracement level of the last decline from the $303.99 high to $288.82 low. A recovery won’t be easy from the current levels, but the $288.50 support zone holds a lot of importance. To the topside, there is a major bearish trend line forming with resistancenear $298 on the hourly chart of ETH/USD. Below the trend line, the 50% Fib retracement level of the last decline from the $303.99 high to $288.82 low is at $296.40.

Ethereum Price Technical Analysis ETH USD

In order to move back in the bullish zone, the price has to move above $298-300.

Hourly MACD – The MACD is still in the bearish zone with no major sign of a recovery.

Hourly RSI – The RSI is currently well below the 50 level.

Major Support Level – $288

Major Resistance Level – $300

Charts courtesy – SimpleFX

Source: Newsbtc