Ethereum Price Technical Analysis – ETH/USD Broke Key Support?

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Key Highlights

  • ETH price was not able to move above the $298 level against the US Dollar and traded lower.
  • Yesterday’s highlighted contracting triangle pattern with support at $282 on the hourly chart of ETH/USD (data feed via SimpleFX) was breached.
  • If the recent downside break is real, the price might trade towards the $268-270 levels.

Ethereum price is slowly trading lower against the US Dollar and Bitcoin. ETH/USD cleared a key support at $282 and currently heading lower.

Ethereum Price Resistance

There was no major move in ETH price recently as it remained below the $298 resistance against the US Dollar. However, it seems like the price is losing steam and slowly below the $285 level. Yesterday, we saw a contracting triangle pattern with support at $282-284 on the hourly chart of ETH/USD. The pair failed to hold the triangle support at $284 and moved below $282. The most important thing was a break of the 23.6% Fib retracement level of the last wave from the $238.50 low to $298.70 high.

If the recent break is true, there are chances of further slides below $280. The next important support is near $268. The 50% Fib retracement level of the last wave from the $238.50 low to $298.70 high is near $268. Moreover, the 100 hourly simple moving average is also near $268. It means the $268 support is very important for the current trend and must hold losses.

On the upside, there is a connecting bearish trend line forming with current resistance at $296. A break above $296 followed by a close above $298 is required for further gains. In the short term, there can be swing moves towards $270-268 where buyers might emerge.

Hourly MACD – The MACD is slowly moving back into the bearish zone.

Hourly RSI – The RSI is now below the 50 level.

Major Support Level – $268

Major Resistance Level – $298

 

Charts courtesy – SimpleFX

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