- ETH price started a new downside wave from the $305.22 swing high against the US Dollar.
- There is a bearish trend line forming with resistance at $293.80 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The price might continue to move down towards the $291 and $288 support levels.
Ethereum price is in a short-term declining phase against the US Dollar and Bitcoin. ETH/USD might retest $288 to gather bids in the near term.
Ethereum Price Downside Move
There was an upside move recently in ETH price above the $300 level against the US Dollar. The price traded as high as $305.22 where sellers appeared and protected by upsides. A new short-term downside wave was initiated and the price moved below the 23.6% Fib retracement level of the last wave from the $274.65 low to $305.22 high. At the moment, the price is approaching the $291 support and the 100 hourly simple moving average.
The 38.2% Fib retracement level of the last wave from the $274.65 low to $305.22 high is also near $293 to provide support. However, the most important support is near the previous resistance at $288. The mentioned level is just below the 50% Fib retracement level of the last wave from the $274.65 low to $305.22 high. Therefore, the $290-288 support area might hold the current decline.
On the upside, there is a bearish trend line forming with resistance at $293.80 on the hourly chart of ETH/USD. Once there is a break above the trend line resistance at $293.80, there are chances of more upsides in the near term. The next major resistance on the upside is at $305.00 followed by the $308-310 area.
Hourly MACD –The MACD is slowly gaining pace in the bearish zone.
Hourly RSI –The RSI is currently well below the 50 level with slight bearish signs.
Major Support Level– $288
Major Resistance Level– $294
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