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.
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.
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.