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Key Key Points
- The ETH price was corrected after trading up to $ 302.53 against the US dollar.
- Yesterday's crucial bearish trend line is intact with resistance close to $ 292 on the hourly chart of Eth / USD (feed data via Kraken).
- The pair could break the trend line and $ 295 for further gains in the short term.
The price of Ethereum is slightly under pressure against the US dollar and bitcoin. The ETH / USD could rise again above $ 292 and $ 295.
Ethereum price support
After exceeding the $ 300 level, the ETH price started a downward correction in the against the US dollar. The ETH / USD pair traded lower and broke the $ 295 and $ 290 levels. There was also a break below the 50% fiber retracement level of the last wave from $ 275 floating low to $ 302 high. However, losses were protected by the $ 284 support zone and the Fib 61.8% retracement level of the same wave.
The price formed a support base near $ 284 and is currently trading above $ 290 and 100-hour SMA. In addition, it eliminated the Fib retracement level of 23.6% of the last drop from the minimum of $ 302 to $ 284 minimum. However, the price is currently facing sellers near the $ 292 level. More importantly, the fundamental downtrend line highlighted yesterday is intact with a resistance close to $ 292 on the hourly chart of Eth / USD. Above the trendline, the next resistance approaches the $ 294 level. It is close to the 50% fiber retracement level of the last decline, from $ 302 upwards to $ 284 below. Above $ 294, the price could be traded above the $ 300 level.
Looking at the chart, the ETH price is slowly preparing for the next move over $ 292 Alternatively, if it can not remain above the $ 284 level, it may fall to as low as $ 276.
MACD schedule – The MACD is slightly positioned in the bullish zone.
RSI timetable – The RSI is just above the 50 level.
Main support level – $ 284
Main resistance level – $ 294
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