Ethereum (ETH) Price Holding Support But Facing Many Hurdles
- ETH price failed to break the $322 resistance area and declined again against the US Dollar.
- The price broke the $310 support area and even tested the $290 support level.
- There was a break below a major ascending channel with support near $303 on the hourly chart of ETH/USD (data feed via Kraken).
- Similarly, there were losses noted in bitcoin, ripple, BCH, EOS and a few others.
Ethereum price struggled to remain above the $310 and $315 levels versus the US Dollar, and declined vs bitcoin. ETH price is currently holding $290, but facing many hurdles.
Ethereum Price Analysis
After testing the $275 support area, Ethereum price started an upside correction above $300 against the US Dollar. The ETH/USD pair broke the $310 resistance and the 100 hourly simple moving average. It even surpassed the $320 level, but it seems like the $322-323 zone acted as a major hurdle. A swing high was formed near $323 and recently the price started a fresh decline.
It traded below the key $315 and $310 support levels. During the decline, there was a break below a major ascending channel with support near $303 on the hourly chart of ETH/USD. Moreover, there was a break below the 76.4% Fib retracement level of the upward move from the $291 low to $323 high. The price is currently trading near the last swing low at $291 and is holding the $290 support level.
If there are more losses, the price could test the $284 support area. It represents the 1.236 Fib extension level of the upward move from the $291 low to $323 high. If there are more losses, the price may even revisit the key $275 support area in the near term.
On the upside, there are many hurdles near the $300 and $305 levels. The main resistance is near the $305 level and the 100 hourly SMA. A successful close above the 100 hourly SMA might start a decent recovery above $310. The next main hurdle for the bulls is near the $320 and $323 levels. If the price climbs above the last swing high at $323, it may perhaps rise towards the $350 level.
Looking at the chart, Ethereum price is clearly holding a couple of important supports, similar to bitcoin (above $10,500). However, on the upside, there are many resistances near $305, $310 and $320. As long as the price is below the mentioned levels, it could decline towards $275.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly moving in the bullish zone.
Hourly RSI – The RSI for ETH/USD is recovering from 30 and it is currently near 45.
Major Support Level – $284
Major Resistance Level – $305
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Aayush Jindal, Khareem Sudlow
