- ETH price is now following a declining path and moved below the $294 support against the US Dollar.
- There is an expanding triangle forming with resistance at $294 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The price might correct higher, but upsides seem to be capped by the $294-296 resistance.
Ethereum price is now under bearish pressure against the US Dollar and Bitcoin. ETH/USD might extend its decline below $290 in the near term.
Ethereum Price Downside Move
There was a minor recovery from the $292 swing low in ETH price yesterday against the US Dollar. The price failed to move above the $299 level and declined. The downside move was strong enough to break the swing low of $292. There was even a break of the $290 support and the price traded as low as $285.73. At the moment, the price is recovering and moved above the 23.6% Fib retracement level of the last decline from the $298.87 high to $285.73 low.
On the upside, there is a major resistance forming near $294. An expanding triangle forming with resistance at $294 on the hourly chart of ETH/USD is waiting to act as a hurdle. An immediate resistance is around the 50% Fib retracement level of the last decline from the $298.87 high to $285.73 low. It won’t be easy for buyers to break the $293-294 resistance area.
However, once there is a close above $294, buyers might step in and push the price above $300. In the short term, there is a lot of bearish pressure below $294. Selling rallies close to $294 can be considered with a tight stop on the short term.
Hourly MACD –The MACD is currently reducing its slope in the bearish zone.
Hourly RSI –The RSI is just below the 50 level and eyeing an upside break.
Major Support Level– $286
Major Resistance Level– $294
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