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Key Issues
- The ETH price was adjusted below $ 298.31 and fell below $ 290-291 against the US dollar
- C & # 39; was a break below a line uptrend with $ 294 support on the hourly chart of Eth / USD (data feed via Kraken).
- The pair is now trading near a couple of important levels of support around $ 283 and $ 280.
The price of Ethereum is lower than the US dollar, but remains bearish against bitcoin. The ETH / USD must stay above $ 280-283 to rebound in the short term.
Support for the price of Ethereum
Yesterday, we saw a nice upward movement above the $ 295 level of the ETH price compared to the US dollar. The ETH / USD pair traded at $ 298.31 and subsequently started a downward correction. He refused and moved below the $ 290 support level. Also, there was a break below the Fib retracement level 38.2% of the last lap from the $ 1 minimum 269 to $ 298 high. There was even a break below the $ 285 level, but buyers appeared around $ 283-284.
During the decline, there was a rupture under a bullish trend line with support for $ 294 on the hourly chart of Eth / USD. The pair tested the 50% fiber retracement level of the last run from the low of $ 269 to $ 298 high. The $ 283-284 zone is currently serving as a support along with the 100-hour moving average. The price may fall by a few points, but the next support near $ 280 is very important. Below this, the price can move into a bearish zone towards the minimum of $ 269.
Looking at the chart, the price ETH seems to be testing a technical support key close to $ 283. Therefore, there are high chances to rebound towards the $ 290 and $ 292 levels. However, a break above the $ 295-298 zone is needed for further gains in the short term.
MACD timetable – The MACD is slightly positioned in the bearish zone.
RSI timetable – The RSI is currently well below the 50 level.
Main support level – $ 280
Level of main resistance – $ 295
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