Ethereum price flies spiking downward against the US dollar, and it looks like coming back will be harder than expected – over the $300 mark.
Major Points
- The declination continues and as ether was being traded around the $270 mark.
- Very worth mentioned related to yesterdays price development when it comes to Ethereum price chart is the resistance $287.00 noticed on the hourly chart.
- This downward flow could be continuing to $269 with its last swing.
Ethereum Price Barrier – The Resistance
Ethereum price was sent below the $280 mark against the US Dollar as the “selling status” increased by traders. A failing was attempt was seen around the $308 resistance mark as the price tried to get over that specific level but not making it resulted with a downflow as the sellers were brought together and moved the value to the support indicator of $287. That was leading to the price down-flow trend reaching under $280.
Source: Simple FX
Overall, it seems like the $287-290 zone is a major resistance zone for ETH. The price may soon resume its downside move and trade back towards the $270 level.
Hourly MACD – The MACD is reducing its bearish slope, but still in the negative zone.
Hourly RSI – The RSI is struggling to move back above the 50 level.
Support Level – $270
Resistance Level – $287
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