Ethereum Price Holding Key Support: ETH, BTC Down 10% From Highs
ETH price failed to hold gains above the $310 level and recently declined heavily against the US Dollar.
The price declined below the main $300 and $295 support levels to enter a bearish zone.
There was a downside break below a contracting triangle with support at $308 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is now trading above the next major support near the $280 level.
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Ethereum price declined sharply below the $300 support versus the US Dollar, along with bitcoin. ETH price could recover in the short term as long as it is above $280.
Ethereum Price Analysis
Recently, there was a sharp decline in bitcoin price below $12,500 against the US Dollar. BTC/USD even broke the $12,000 support level to register a 10% decline. It prompted a sharp decline in Ethereum as well below the $300 support area. Moreover, the ETH/USD pair declined below the $295 support level to move into a bearish zone. There was also a close below the $295 level and the 100 hourly simple moving average.
Besides, there was a downside break below a contracting triangle with support at $308 on the hourly chart of ETH/USD. A swing low was formed near $281 and the price is currently consolidating losses. An initial resistance is near the $288 level. It coincides with the 23.6% Fib retracement level of the recent decline from the $310 high to $281 swing low. If there is an upside correction, above $288, the price might recover above $290.
The next important resistance for the bulls is near the $295 level. Moreover, the 50% Fib retracement level of the recent decline from the $310 high to $281 swing low is also near the $295 level. Therefore, the bulls are likely to face a strong resistance near the $295 zone. A successful close above $295 might start a fresh increase towards the $310 and $315 levels.
On the downside, the main support is near the $280 level. If there is a downside break below the $280 support, the price could decline further towards the $270-272 support area.
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Looking at the chart, Ethereum price seems to be struggling below the $290 level. In the short term, there could be an upside correction above the $290 level, but the price may struggle to clear the $295 zone. Conversely, if there is a break below $280, the price could move further into a bearish zone.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is slowly losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is currently recovering from 20 and it could climb towards the 40 level.
Major Support Level – $280
Major Resistance Level – $295
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