Weekly Ethereum Price Analysis: Continue the ETH / USD fight



Key Points

  • The ETH price attempted a recovery above the $ 275.00 level, but failed to gain traction compared to the US dollar.
  • C & # 39; is a bearish trend line formed with resistance at $ 280 on the 4-hour chart of ETH / USD (data feed via Kraken).
  • The pair must accelerate above $ 282 and $ 285 to recover further in the short term.

The price of Ethereum is struggling to gain traction compared to the US dollar and Bitcoin. ETH / USD could rise higher if buyers had control above the $ 285 level.

Ethereum Price Resistance

A decent support base formed near the $ 255 level in the ETH price compared to the US dollar. The ETH / USD pair traded a few more points and moved above the $ 280 level. There was also a break above the fiber retracement level of 50% in the last fall, from $ 301 up to $ 259 at the bottom. However, there was no upward acceleration above the $ 282 level as buyers failed to keep gains.

There was also no evidence of the fiber retracement level of 61.8% of the last decline from $ 301 high to $ 259 low. These are negative signs and suggest the importance of resistance near the $ 282 and $ 285 levels. In addition, there is a large bearish trend line formed with resistance at $ 280 on the 4-hour chart of the Eth / USD. The same trend line is currently preventing gains and pushing the price to the $ 270 level. If the price continues to fall, it could test the levels of $ 268 and $ 265. Under these, the price could perhaps test a crucial support zone. near the $ 255 level.

 Weekly Analysis of the ETH Price ETH Chart USD

The graph above indicates that the ETH price follows a bearish structure below the $ 285 level. An adequate break and a close above $ 282 and $ 285 can open the door to a push towards the simple moving average of 100 (4 hours).

4-hour MACD – The MACD is predominantly flat in the bearish zone.

4-hour RSI – The RSI is currently only around the 50 level.

Main support level – $ 255

Major Resistance Level – $ 285


Source link