Ethereum Price Technical Analysis: Following a Declining Path

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On the upside, there is a major resistance forming near $295. An expanding triangle forming with resistance at $295 on the hourly chart of ETH/USD is waiting to act as a hurdle. An immediate resistance is around the 50% Fib retracement level of the last decline from the $298.87 high to $285.73 low. It won’t be easy for buyers to settle above the $293-295 resistance area.

However, once there is a stability above $294, buyers might step in and push the price above $300. In the short term, there is a lot of bearish pressure below $294. Selling rallies close to $294 can be considered with a tight stop on the short term.

Hourly MACD – The MACD is currently reducing its slope in the bearish zone.

Hourly RSI – The RSI is just below the 50 level and eyeing an upside break.

Major Support Level – $287

Major Resistance Level – $295

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. Altcoin Today does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.

Source: NewsBTC

Charts courtesy of Trading View