ETH Bears Target Fresh Weekly Lows

Ethereum price failed to recover above $300.00 and declined recently. ETH price is currently at a risk of more downsides below the $275.00 and $272.00 support levels.

  • Ethereum price is currently trading well below the $300.00 resistance area.
  • ETH/USD seems to be following a declining channel with resistance near $292.00 on the 30-minute chart.
  • The price might decline sharply if it clears the $275.00 support area in the next few hours.

Read: Guide to XM

Ethereum Price Analysis (ETH to USD)

In the past two sessions, there was a sharp decline in bitcoin below $10,200 and $10,000. It increased pressure on Ethereum as it failed to clear the key $300.00 resistance. ETH price is now at a risk of more losses if bears push the price below the $275.00 support.

Ethereum Price Analysis (ETH to USD) Chart

Click to Enlarge Chart

Looking at the 30-minute chart of ETH/USD, the pair topped below the $300.00 level recently. A swing high was formed at $299.23 and the price declined below $290.00 plus the 25 simple moving average (30-min).

The recent decline was such that the price even cleared the $284.00 swing support. A new weekly low was formed at $277.12 and the price is currently consolidating.

An immediate resistance is near $284.00 or the 23.6% Fib retracement level of the recent slide from the $299.23 high to $277.12 low. Above $284.00, the price could trade towards the $290.00 resistance.

An intermediate resistance is near $288.20 and the 50% Fib retracement level of the recent slide from the $299.23 high to $277.12 low. At the outset, Ethereum seems to be following a declining channel with resistance near $292.00 on the same chart.

If the bulls take over and push the price above the $292.00 resistance, there are chances of an extended recovery above the $295.00 and $300.00 levels. The next main resistance is near the $308.20 level.

On the downside, the $275.00 support could play an important role. If Ethereum price slides below the $275.00 support, bears are likely to aim $260.00 in the coming sessions. An intermediate support could be near the $264.00 level.

The market data is provided by TradingView, Bitfinex.


Buy Crypto    Trade Crypto

eToro Risk Warning: 66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.


You have Successfully Subscribed!

Crypto Destroyer

Be the first to comment

Leave a Reply

Your email address will not be published.


*


This site uses Akismet to reduce spam. Learn how your comment data is processed.