Ethereum (ETH) Price Holding Support But Facing Many Hurdles

THELOGICALINDIAN - Ethereum amount struggled to abide aloft the 310 and 315 levels against the US Dollar and beneath vs bitcoin ETH amount is currently captivation 290 but adverse abounding hurdles

Ethereum Price Analysis

After testing the $275 abutment area, Ethereum amount started an upside alteration aloft $300 adjoin the US Dollar. The ETH/USD brace bankrupt the $310 attrition and the 100 alternate simple affective average. It alike surpassed the $320 level, but it seems like the $322-323 area acted as a above hurdle. A beat aerial was formed abreast $323 and afresh the amount started a beginning decline.

It traded beneath the key $315 and $310 abutment levels. During the decline, there was a breach beneath a major ascendance channel with abutment abreast $303 on the alternate blueprint of ETH/USD. Moreover, there was a breach beneath the 76.4% Fib retracement akin of the advancement move from the $291 low to $323 high. The amount is currently trading abreast the aftermost beat low at $291 and is captivation the $290 abutment level.

If there are added losses, the amount could analysis the $284 abutment area. It represents the 1.236 Fib addendum akin of the advancement move from the $291 low to $323 high. If there are added losses, the amount may alike revisit the key $275 abutment breadth in the abreast term.

On the upside, there are abounding hurdles abreast the $300 and $305 levels. The capital attrition is abreast the $305 akin and the 100 alternate SMA. A acknowledged abutting aloft the 100 alternate SMA ability alpha a appropriate accretion aloft $310. The abutting capital hurdle for the beasts is abreast the $320 and $323 levels. If the amount climbs aloft the aftermost beat aerial at $323, it may conceivably acceleration appear the $350 level.

Looking at the chart, Ethereum amount is acutely captivation a brace of important supports, agnate to bitcoin (above $10,500). However, on the upside, there are abounding resistances abreast $305, $310 and $320. As continued as the amount is beneath the mentioned levels, it could abatement appear $275.