Ethereum Price Technical Analysis – ETH/USD Under Pressure


Ethereum price made a sharp downside move against the US Dollar and Bitcoin. ETH/USD is now bearish and looking to extend declines below $280.

SPONSORED ARTICLE:  Tech Analysis articles are sponsored by SimpleFX — Simple as Never Before,
SimpleFX is a robust online trading provider, offering trading with Forex CFDs on Bitcoins, Litecoins, indices, precious metals and energy. Offers simple and transparent trading conditions.

Key Highlights

  • ETH price fell hard and traded below the $300 handle against the US Dollar.
  • There are two bearish trend lines forming with resistance near $320 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The price might correct higher, but likely to face sellers near $300, $320 and $330.

Ethereum price made a sharp downside move against the US Dollar and Bitcoin. ETH/USD is now bearish and looking to extend declines below $280.

Ethereum Price Decline

It was a bad day for ETH price as it tumbled below $300 against the US Dollar. The price started declining as soon as Chinese ban on ICOs news came out. Pairs like BTC/USD, BCH/USD and ETH/USD were crushed. Yesterday, I mentioned that one might consider trading with a break either above $355 or below $335. If you entered on a break below $335, you should now look to close with good $50+ point’s profit. The price recently traded as low as $274.01 and currently attempting a correction.

It is trading near the 23.6% Fib retracement level of the last drop from the $319.34 high to $274.01 low. There are two bearish trend lines forming with resistance near $320 on the hourly chart of ETH/USD. These trend lines are likely to act as a strong barrier for buyers near $320-330. An intermediate resistance is around the 50% Fib retracement level of the last drop from the $319.34 high to $274.01 low at $296.67.

If the price corrects higher, it is likely to face sellers near $295-300. On the downside, a break below the recent low of $274 would open the doors for a test of $260. Any further losses could take ETH towards $250.

Hourly MACD – The MACD is now placed well into the bearish zone.

Hourly RSI – The RSI is currently correcting, but remains well below the 50 level.

Major Support Level – $260

Major Resistance Level – $320

 

Charts courtesy – SimpleFX

Article Original

Добавить комментарий