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Main highlights
- The fall in the ETH price spread below the support of $ 284 against the US dollar before correcting higher
- C & # 39; was a break above a bearish trend line that approached with a resistance to $ 280 on the hourly chart of Eth / USD (data feed via Kraken).
- The pair must remain above the support zone $ 270-274 to rise again in the short term.
The price of Ethereum is under pressure below the US dollar and bitcoin. The ETH / USD is still above the $ 270-274 support, which is a positive sign.
Support for the price trend of Ethereum
Yesterday a downward correction was initiated from the $ 298 of the ETH price fluctuation against the US dollar. The ETH / USD pair declined and broke support levels $ 290 and $ 284. The decline was such that the price stabilized below the $ 284 support and the simple 100-hour moving average. There was also a break below the Fib retracement level 76.4% of the last wave from $ 270 low swing to $ 298 high.
The price has almost tested the last low swing and traded at $ 270.50. Later, there was a strong bullish reaction and the price rose above $ 280. There was also a break above a bearish link trend line with resistance at $ 280 on the hourly chart. of the Eth / USD. However, the price has struggled to cancel the previous support at $ 284 and the SMA at 100 hours. In addition, the 50% fiber retracement level of the last decline from $ 297 up to $ 270 also acted as resistance. The price has been withdrawn and is currently testing the broken trend line at $ 276.
Looking at the chart, the ETH price was rejected by the support area $ 270-274. As long as the price is higher than the quoted support, it could rebound towards the $ 284 and $ 290 resistance in the short term.
MACD schedule – The MACD is about to return to the bearish zone.
RSI timetable – The RSI is currently below level 50 and is moving south.
Main support level – $ 274
Main resistance level – $ 284
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