Ethereum Price Weekly Analysis – ETH/USD Remains Pressured

THELOGICALINDIAN - Ethereum amount is disturbing to accretion drive adjoin the US Dollar and Bitcoin and ETHUSD may now abatement aback appear the antecedent support

Ethereum Price Resistance

There was a sharp decline in ETH amount appear the $200 handle afresh adjoin the US Dollar. The amount traded as low as $230 area there was a solid affairs interest. The amount started a accretion and confused acutely higher. It traded aloft the $250 and $300 resistances. A aerial was formed at $316 area sellers dedicated added assets and prevented a breach aloft $320.

A acute bearish trend band basic with accepted attrition as $288 on the 4-hours blueprint of ETH/USD acted as a barrier. Moreover, the 100 simple affective boilerplate on the aforementioned blueprint prevented a abutting aloft $300. As a result, the amount started crumbling already more, and traded beneath $300. It bankrupt the 50% Fib retracement akin of the last wave from the $202 low to $316 high. During the downside, the amount additionally austere the $277 support.

At the moment, it is trading abreast the 61.8% Fib retracement akin of the aftermost beachcomber from the $202 low to $316 high. There are affairs of added declines if buyers abort to authority $250. A abutting beneath $240 could burn a aciculate downside move appear the abutting above abutment at $203.

4-hours MACD – The MACD is accepting clip in the bearish area and signaling declines.

4-hours RSI – The RSI is now able-bodied beneath the 50 akin and branch lower.

Major Support Level – $285.00

Major Resistance Level – $330.00

Charts address – SimpleFX