Key Highlights
- ETH price traded higher, but it failed to hold gains above $300 against the US Dollar.
- There is a major bearish trend line capping gains with current resistance at $299 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair may dip a few points and it could test the $273 and $271 support levels.
Ethereum price failed to hold gains against the US Dollar and bitcoin. ETH/USD buyers did not succeed in clearing a strong sell zone near $300 and the 100 hourly SMA.
Ethereum Price Resistance
Yesterday, there was a short-term correction initiated above the $260 level in ETH price against the US Dollar. The ETH/USD pair traded above the $275 and $285 levels to gain traction. There was also a break above the 50% Fib retracement level of the last downside move from the $332 high to $249 low. The price spiked above the $300 level, but it failed to settle above the 100 hourly simple moving average.
More importantly, a major bearish trend line capped gains with current resistance at $299 on the hourly chart of ETH/USD. The pair declined and broke the $295 and $292 levels. It also broke the 23.6% Fib retracement level of the last wave from the $249 low to $305 high. On the downside, an initial support is near the $277 level. It represents the 50% Fib retracement level of the last wave from the $249 low to $305 high. Below this, the price could test the $273 and $271 support levels.
Looking at the chart, ETH price is showing a few positive signs above $273, but it has to move past the $300 hurdle. Moreover, buyers need to push the price above the recent high at $305 and the 100 hourly SMA to gain traction.
Hourly MACD – The MACD has moved back in the bearish zone.
Hourly RSI – The RSI is now once again back below the 50 level.
Major Support Level – $271
Major Resistance Level – $299
Author: Aayush Jindal
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