Key Highlights
- ETH price failed to gain traction above $292-295 and declined recently against the US Dollar.
- This week’s followed important bearish trend line is still in place with resistance near $288 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair has to break the $288 and $290 resistance levels to gain momentum in the near term.
Ethereum price is facing crucial hurdles against the US Dollar and bitcoin. ETH/USD buyers must gain traction above $290 to push the price higher.
Ethereum Price Resistance
There were many attempts by ETH price to clear resistances like $292 and $290 against the US Dollar. However, the ETH/USD pair failed to gain bullish momentum and it slowly moved down. It broke the $284 support recently and spiked towards the $277 level. A low was formed at $277.97 before the price made a nice recovery. It moved above the 23.6% Fib retracement level of the last decline from the $302 high to $277 low.
However, the price faced a strong resistance near the $291 level and the 100 hourly simple moving average. Furthermore, the 50% Fib retracement level of the last decline from the $302 high to $277 low also prevented gains. More importantly, this week’s followed important bearish trend line is still in place with resistance near $288 on the hourly chart of ETH/USD. As long as the price is below the trend line and the $290 level, it could continue to move down. If there is an upside break above $288-290, the price is likely to climb above the $295 level in the near term.
Looking at the chart, ETH price is clearly facing a strong resistance near the trend line, $288, and the 100 hourly SMA. On the downside, the $281 level is an initial support, followed by the recent swing low of $277.
Hourly MACD – The MACD is currently placed in the bearish zone.
Hourly RSI – The RSI is currently below the 50 level.
Major Support Level – $281
Major Resistance Level – $288
Author: Aayush Jindal
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