- ETH price is under pressure and moved below the $302 support against the US Dollar.
- There was a break below a bullish trend line with support at $302 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The price is now below the 100 hourly simple moving average, but remains supported above $296.50.
Ethereum price is under pressure against the US Dollar and Bitcoin. ETH/USD might correct a few points, but remains supported above $296.
Ethereum Price Support
There was a sharp rise in bitcoin price, which is putting pressure on ETH price below $305 against the US Dollar. The price failed to gain momentum above $307.50 and started a downside move. It broke the 23.6% Fib retracement level of the last wave from the $285.08 low to $307.57 high. The most important break was below a bullish trend line with support at $302 on the hourly chart of ETH/USD. It opened the doors for more losses below $302.
The pair declined and tested the 50% Fib retracement level of the last wave from the $285.08 low to $307.57 high. It has moved below the 100 hourly simple moving average, but remains supported above $296.50. It might recover from the current levels, but has to move back above $300 and 100 hourly SMA to gain traction. On the upside, the pair needs to clear offers near $304 and $306 to move back in the bullish zone.
If the pair fails to move pass $302 and 100 hourly SMA, the $296.50 support might be tested. The next support is around the 61.8% Fib retracement level of the last wave from the $285.08 low to $307.57 high. The overall bias is neutral until bitcoin price settles down.
Hourly MACD –The MACD has moved into the bearish zone.
Hourly RSI –The RSI is currently below the 50 level.
Major Support Level– $296
Major Resistance Level– $304
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