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Key Points
- The ETH price fell sharply and cut most of its gains above the $ 290 level against the US dollar.
- C & # 39; is an important bearish trend line with resistance to $ 273 on the hourly chart of Eth / USD (data feed via Kraken).
- The pair is currently recovering and is currently trading above the pivot level $ 271.
The price of Ethereum is traded with an increase in selling pressure against the US dollar and bitcoin. The ETH / USD could recover, but could possibly find obstacles near $ 280-284.
Ethereum price resistances
After a sharp upward rise of $ 295, ETH faced sellers against the US dollar. The ETH / USD pair came close to the $ 300-301 zone and then started a bearish move. The price declined sharply and broke many supports near the $ 290 and $ 280 levels. There was even a break below the $ 268 minimum and the sellers pushed the price below the $ 265 level. It traded at a low of $ 259.17 and thereafter the price started an upward correction.
There was a recovery above the $ 265 level and the 23.6% retracement level of the last decline from $ 301 up to $ 259 down. At the moment, the price is trading close to an important bearish trend line with resistance to $ 273 on the hourly chart. A close above the $ 275 level could push the price towards $ 280 and $ 282 levels. In addition, the 50% Fibra retracement level of the last decline from $ 301 high to $ 259 low is also close to $ 280. Therefore, any further gain above the $ 275 level could meet barriers close to $ 280. and $ 282.
Looking at the chart, the ETH price is facing many obstacles near the $ 280-282 levels. Above this, the price could return to levels of $ 300 and $ 305 in the short term.
MACD schedule – The MACD is about to return to the bullish zone.
RSI timetable – The RSI proceeds slowly to level 50.
Main support level – $ 265
Main resistance level – $ 282
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