Price Analysis of Ethereum: ETH / USD Tackle significant resistance



Key Points

  • The ETH price was not able to break higher and is currently trading below $ 275 against the US dollar.
  • There is a significant bearish trend line formed with resistance close to $ 272-274 on the hourly chart of ETH / USD (data feed via Kraken).
  • The pair must cancel the resistance of $ 275 and the simple moving average of 100 hours for further gains.

The price of Ethereum is traded with neutral bias against the US dollar and bitcoin. ETH / USD needs to earn over $ 275 for further gains in the short term

Ethereum Price Upside Hurdle

There have been many attempts by the ETH price to enter a bullish zone with a break above the $ 275-280 zone against the US dollar. The ETH / USD pair continued to struggle to gain momentum and recently fell below $ 275. It was also a break below the fiber retracement level of 38.2% of the last wave, from $ 259 down to $ 283 up. However, the downturns were limited as the $ 270 level worked as support.

In addition, it seems that the 50% fiber retracement level of the last wave from the low of $ 259 to $ 283 high is acting as a support. If there is a break below $ 270 and $ 268 levels, the price may fall towards the $ 262 level. On the upside, there is a significant downtrend line formed with resistance close to $ 272 -274 on the hourly chart of Eth / USD. The same trend line has acted as an obstacle for buyers on many occasions above $ 275. It also coincides with the SMA at 100 hours near the $ 277 level. Therefore, a break and close above $ 277-280 is required. to allow buyers to get traction.

 Price Analysis of Ethereum ETH USD

Looking at the chart, the ETH price is clearly in difficulty to cancel the trend line and $ 280. In the short term, there may be a push towards the $ 270 and $ 268 levels before a recovery.

MACD timetable – The MACD is flat in the bearish zone.

RSI timetable – The RSI is positioned well below the 50 level.

Main support level – $ 270

Level of main resistance – $ 277


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