- ETH price is under a lot of pressure as it broke the $290 and $285 supports against the US Dollar.
- There is a major bearish trend line in place with resistance at $282 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair traded as low as $268 and it is currently correcting higher towards the $285-290 resistance.
Ethereum price is under pressure against the US Dollar and bitcoin. ETH/USD broke key supports at $285, opening the doors for more losses.
Ethereum Price Decline
There was a sharp bearish reaction from the $307 swing high in ETH against the US Dollar. The ETH/USD pair started a crucial downside move and broke the $302 and $290 support levels. More importantly, there was a break and close below the $285 support and the 100 hourly simple moving average. The price even broke the $270 level to move into a bearish zone.
A low was formed at $268.18 before the price started an upside correction. An initial resistance is near the 23.6% Fib retracement level of the last drop from the $307 high to $268 low. However, there is a strong barrier near the $268-270 zone. There is also a major bearish trend line in place with resistance at $282 on the hourly chart of ETH/USD. If there is a break above the trend line, the next resistance is near the $287 level. It coincides with the 50% Fib retracement level of the last drop from the $307 high to $268 low. Therefore, if the price continues to move higher, it could face sellers near the $284-287 barrier.
Looking at the chart, ETH price has moved into a bearish zone below $285. On the downside, a break below the recent low of $268 will most likely clear the path for more losses towards $255.
Hourly MACD – The MACD is moving in the bullish zone.
Hourly RSI – The RSI is currently well below the 50 level.
Major Support Level – $268
Major Resistance Level – $284
Author: Aayush Jindal