For the moment Ethereum price is declining lower against the US dollar, but in order to return to the rising flow it has to stay trading above the $308 Level.
- The selling pressure caused the pair ETH/USD to flow lower as time passed.
- On the hourly chart of Ethereum against the US Dollar, a breakout lower than a connecting bullish trend at $320 can be noticed.
- Next could be a bouncing and fluctuating movement aiming the $308 line support and the 100 hourly simple moving average.
Ethereum Price Finding Support after Correcting
A very positive climbing move took place for ETH/USD over the $321 mark and trading even at $323.49 when it lost its track. With the quick-term profit making selling pressure, the price declined below the $321 support as it did not succeed on the bearish trend at $322-$323 if analyzed on the hourly chart. Thing got even worse when a break-lower than the connecting bullish line took event at $320 as it opened gates for descending flow targeting $308.00.
Since the latest flow from $290.52 to $323.49, the pair ETH/USD is being traded close to the 23.6% Fib retracement line. The support at $308 and the 100 hourly simple moving average will be tested if they hold strong as the price looks like its going to move towards lower ends. Of the above mentioned wave, the 100 hourly SMA is close positioned to the 50% Fibonacci retracement mark. To evade significant loses in price, the price needs to take strength over the $321 level.
Moving over the bearish trend line even with the resistance $319.50 is required. If you are waiting for buying dips and support, as long as the price is above $304 buying should be taken note.
- Hourly MACD – The MACD is slowly moving into the bearish zone.
- Hourly RSI – The RSI has breached the 50 level and could head south.
- Support Level – $304
- Resistance Level – $321