Ethereum Price Technical Analysis – ETH/USD Breaks Short-term Support

Key Highlights

  • ETH price failed to remain above the $296 support area against the US Dollar and moved down.
  • There was a break below yesterday’s contracting triangle with support at $296 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The price found bids near $286 and is currently correcting higher towards $295.

Ethereum price declined against the US Dollar and Bitcoin. ETH/USD broke $296 to move into the bearish zone in the short term.

Ethereum Price Support

Yesterday, we saw a breakout pattern formation for ETH price above $295 against the US Dollar. The price failed to remain in the positive zone and started a downside move below $301. There was a failure to break the 61.8% Fib retracement level of the last decline from the $302.60 high to $294.10 low. It opened the doors for a downside reaction and the price broke $298 and the 100 hourly simple moving average.

The downside move was such that there was a break below yesterday’s contracting triangle with support at $296 on the hourly chart of ETH/USD. The price even moved below the $292 support for a move below $290. The pair traded as low as $286.02 and is currently correcting higher. It has moved above the 23.6% Fib retracement level of the last decline from the $301.08 high to $286.02 low. However, there are many hurdles waiting on the upside near $294 and $295.

Ethereum Price Technical Analysis ETH USD

The 100 hourly SMA is at $295.10 to prevent upsides. The mentioned level also coincides with the 61.8% Fib retracement level of the last decline from the $301.08 high to $286.02 low. Therefore, if the price continues to move higher, it could face sellers near $295 and $296 in the short term.

Hourly MACD – The MACD is back in the bearish zone.

Hourly RSI – The RSI is moving higher back towards the 50 level.

Major Support Level – $286

Major Resistance Level – $296

Charts courtesy – SimpleFX

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.

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Published by

Aayush Jindal

Aayush has spent over a DECADE as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is
well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets. He is a software engineer by profession, loves blogging and observing financial markets.