Ethereum Price Analysis: ETH/USD Remains at Risk of More Declines

Key Highlights


ETH price recovered a few points after trading as low as $304.26 against the US Dollar.
There is a major bearish trend line in place with resistance at $320 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is struggling to move above the $320 and $328 resistance levels, and it remains at a risk below $310.

Ethereum price remains in a downtrend against the US Dollar and bitcoin. ETH/USD must clear the $320 and $330 resistance levels to recover towards $355.

Ethereum Price Trend

There were heavy declines below $348-350 in Ethereum price this past week against the US Dollar. The ETH/USD pair traded as low as $304.26 and is currently consolidating losses with a few positive moves. It traded above the $315 level and spiked above $325. There was also a break above the 23.6% Fib retracement level of the last decline from the $363.03 high to $304.26 low.

However, the upside move was capped by the $328-330 levels. Moreover, the 38.2% Fib retracement level of the last decline from the $363.03 high to $304.26 low acted as a resistance. At the outset, there is a major bearish trend line in place with resistance at $320 on the hourly chart of ETH/USD. Above the trend line resistance, the 100 hourly simple moving average is positioned near $340. Therefore, it seems like there is a cluster of resistances formed between $320-340. A break above this could push the price above the $348-350 resistance zone in the near term.

Looking at the chart, ETH price is showing no major signs of a recovery above $320. Therefore, it could dip a few points below the $315 level before it attempts to break the $320 and $330 resistance levels once again.

Hourly MACD The MACD is mostly flat in the bearish zone.

Hourly RSI The RSI is currently moving flat and is currently below the 50 level.

Major Support Level $310

Major Resistance Level $330

The post Ethereum Price Analysis: ETH/USD Remains at Risk of More Declines appeared first on NewsBTC.

12.08.2018 / 23:10 29
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