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Key Points
- The ETH price failed to earn over $ 292-295 and recently fell against the US dollar
- This week follows an important downtrend line still in place with resistance near $ 288 on the hourly chart of Eth / USD (data feed via Kraken).
- The pair has to break resistance levels $ 288 and $ 290 to gain momentum in the short term.
The price of Ethereum is facing crucial obstacles against the US dollar and bitcoin. ETH / USD buyers must get more than $ 290 traction to push the price higher.
Price Resistance of Ethereum
There have been many attempts by the ETH price to cancel resistances such as $ 292 and $ 290 against the US dollar. However, the ETH / USD pair failed to gain momentum and slowly lowered. It broke the $ 284 support recently and reached the $ 277 level. A low was formed at $ 277.97 before the price made a good recovery. It has moved above the Fib retracement level of 23.6% from the last decline from $ 302 up to $ 277 below.
However, the price suffered strong resistance near the $ 291 level and the 100-hour moving average. Furthermore, the 50% fiber retracement level of the last decline from $ 302 up to $ 277 low also prevented gains. More importantly, this important bearish trend line followed this week is still in place with resistance close to $ 288 on the hourly chart of Eth / USD. As long as the price is lower than the trend line and the $ 290 level, it may continue to fall. If there is a bullish break above $ 288-290, the price is likely to rise above the $ 295 level in the near term.
Looking at the chart, ETH price is clearly facing strong resistance near the trendline, $ 288 and the 100-hour SMA. On the downside, the $ 281 level is an initial support, followed by the recent low of $ 277.
MACD timetable – The MACD is currently positioned in the bearish zone.
RSI Time – The RSI is currently below the 50 level.
Main support level – $ 281
Main resistance level – $ 288
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