- The ETH price was corrected more recently and exceeded $ 310 and $ 315 against the US dollar.
- There is a key linking the current bearish trend line with the current resistance at $ 311 on the 4-hour chart of the ETH / USD (data feed via Kraken).
- The pair must break $ 311 and resistance levels of $ 320 for further increases in the short term.
The price of Ethereum failed to remain in a positive zone compared to the US dollar and Bitcoin. ETH / USD has stabilized below $ 300 and is facing resistance close to $ 311 and $ 320.
Ethereum Price Resistances
After forming a base near the $ 249-250 zone, the ETH price started an upward correction against the US dollar. The pair ETH / USD was traded higher and broke resistance levels $ 275 and $ 300. It even moved above the $ 315 level and traded up to $ 322. Subsequently, buyers lost control, resulting in a new decline. The price fell below the fiber retracement level of 23.6% of the last wave, from $ 249 downwards to $ 322 at the top.
More importantly, it has fallen below the $ 300 level, which is not a good sign. However, the downtrend was protected from the $ 285 support. It represents the fiber retracement level of 50% of the last wave, from $ 249 downwards to $ 322 at the top. The price is consolidating above the $ 285 level and is preparing for the next move. If sellers push the price below $ 285, sales pressure may increase. The next supports are $ 279, $ 275 and $ 262. On the upside, there is a key linking the current bearish trend line with the current resistance at $ 311 on the 4-hour chart of the Eth / USD.
the chart shows that the ETH price must break the trend line and $ 320 to gain momentum. The next resistance is close to $ 340 and the simple moving average of 100 (4 hours).
4-hour MACD – The MACD shows signs of weakness in the bearish zone.
4-hour RSI – The RSI is currently just below level 50.
Main support level – $ 285
Level of main resistance – $ 320