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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.
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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