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Ethereum Price Being Tanked by Selling Pressure: Ethereum Weekly Analysis – Prediction Sep 10

A down-flow continuation experience could await Ethereum price against US Dollar as it is being shot with selling pressure. Resistances being formed at $320 will be pushing the price even lower.

Major Points

  • A very struggling road because of the market pressure against the US Dollar for Ethereum to climb back up.
  • Very important resistance forming at $320.00 in a triangle pattern on the hourly chart of ETH/USD.
  • After it broke the $296 level the declining path was easily predicted as it will continue for now.

Ethereum Price Against USD Struggles to Gain – Weekly

A very changing and fluctuative week as Ethereum price first targeted the major $400 mark but only made to $393.56 which was followed by a swift descending movement. After days of recovery, a complete market changer occurred as not-confirmed rumors were spread that Chinese regulation are about to ban Bitcoin exchanges which broke the $325 support and in a matter of minutes dropped to $295 and now even to $268. After a while a correction did start and the pair moved over the 38.2% Fib retracement level of the weekly long declining wave: $393.56 to $274.01.

The major resistance area will be the 50% Fib retracement level that would be at $333. On the other side at the $337 mark the 100 SMA on the hourly chart is forming. A closing-in triangle is being made with the most important resistance at $320.

ethereum price prediction

As the ETH/USD price broke below the $295 support, it was much likely to be continuing as low as $274 again which it did and even went below $270 just now. According to data from Coinmarketcap it is being traded at $275.28 with a 24-hours loss of 6.96%.

  • 4-hours MACD – The MACD is currently in the bearish zone.
  • 4-hours RSI – The RSI is now well below the 50 level.
  • Support Level – $294
  • Resistance Level – $333

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About author

Writer, EthereumWorldNews | samquinn@ethereumworldnews.com - Sam is an electrical engineer with years of passion writing for subjects that target or approximately do, his field of study. Now he is a full time writer for the team of Ethereum World News.
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