Ethereum is taking a pull-back movement while step by step trading lower against the US Dollar and staying in the negative of Bitoin’s Market. ETH price did spike below a major support of $282.
Ethereum Price Met Struggle
The hovering above the $280 and lower than $290 has continued on Sep 19 and today with no major movement. Despite the attempts to break and successfully close above the $290 mark, ETH/USD is losing its ground trading lower than the $285 level. A contracting triangle pattern with support at $282-$284 mentioned in yesterday press for Eth price could not support the price above on the hourly chart of ETH/USD. A declining indicator has appeared when the value did clear the 23.6% Fib retracement mark since the last recovery rally from $238.50 to $298.70.
If the descending break keeps steady, then there will be a declining flow to any target lower than $280. Support will be found at $268 as the 50% Fib Retracement level of the above mentioned wave is close to the mark. On top of that the 100 SMA is near $268 so that particular zone is a very important supporting level to hold the for no further declining.
On the other side, a bearish trend is forming with the major $296 resistance included as in the event of a break for of the particular barrier further climbing upwards will be experienced.
- Hourly MACD – The MACD is slowly moving back into the bearish zone.
- Hourly RSI – The RSI is now below the 50 level.
- Support Level – $268
- Resistance Level – $298