Ethereum price against the US Dollar has recovered from the lowest monthly, but is struggling to get near and close above major resistances at $280.
In Brief Points
- ETH/USD after pairing at the low of $199.74 have attempted recovery over the important $250 level.
- Two bearish resistance trends formed on the 4-hour chart of the pair just above $275-$280.
- A retest of supports at lows like $220-$230 could be upcoming with a upwards following movement.
Ethereum Price will Meet Resistance
Due to the news on the Chinese regulations and drama followed with fear and the turmoil created – concluded with strong price descending for ETH lower than the important support $250. For a brief moment even the psychological mark of $200 did let loose as the pair trader at $199.74 however the correction started immediately above the $225 target. Since the last dropping flow from $315.15 to $199.74, Ethereum price did correct over the 38.2% Fib retracement level.
On the other hand, the last acted as supporting zone now transformed in a major resistance barrier – $270 and above level has stopped any further recovery. The 61.8% of the above mentioned descending well tanked the pair from continuing upward. If there is any case of a price comeback upwards the two bearish trend on the 4-hours chart of ETH/USD will present a struggle to overcome. A successful fly past the particular resistance and close is needed for further gains which will not be easy at any case as the 100 SMA is waiting near the $308 level.
To enter any kind of bullish zone, a well complete close above the 100 SMA and $310 is required. For the moment the price is trading at $236.96 with a negative 8.11% in the last 24-hours. If it continues downside a retest of the previous supports will be made and if they hold its a good time to get into the market to buy on the best could-be opportunity.
- 4-hours MACD – The MACD is slowly decreasing the bearish zone.
- 4-hours RSI – The RSI is still below the 50 level.
- Support Level – $225
- Resistance Level – $280