Key Highlights
- ETH price is currently testing an important support near $278-276 against the US Dollar.
- There is a new declining channel pattern with support near $276 forming on the hourly chart of ETH/USD (data feed via SimpleFX).
- There is also a bullish trend line with support around $276, which points importance of the mentioned level.
Ethereum price is showing minor bearish signs against the US Dollar and Bitcoin. ETH/USD is currently approaching a major support near the $278-276 levels.
Ethereum Price Support
It seems like sellers are not giving up as there was no upside move in ETH price above $288 against the US Dollar. The price struggled to form a new high above $298 and is currently following a declining pattern. It has already breached the 38.2% Fib retracement level of the last leg from the $255.63 low to $298.50 high. Therefore, it now remains at a risk of more losses below $280 in the short term.
However, the price is currently approaching a major support area near $278-276. There are many supports around $276, starting with the 50% Fib retracement level of the last leg from the $255.63 low to $298.50 high. There is also a bullish trend line with support near $276. Furthermore, the 100 hourly simple moving average is also positioned near $276. Overall, the $276-278 support zone is very important and must hold losses. Lastly, there is a new declining channel pattern with support near $276 forming on the hourly chart of ETH/USD.
On the upside, the channel resistance is near $288-289. A break above the channel resistance and $298 is needed for the price to gain traction. If the $276-278 support levels fail to hold, the price might test the last swing low of $255.
Hourly MACD – The MACD has just moved into the bearish zone.
Hourly RSI – The RSI is well below the 50 level.
Major Support Level – $276
Major Resistance Level – $298
Charts courtesy – SimpleFX
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