Ethereum (ETH) Price Revisits Key Support: Risk of Breakdown Looming

technical analysis ethereum

Ethereum price is facing a lot of hurdles versus the US Dollar and bitcoin. ETH price must break the $296 and $300 resistance levels to start a decent recovery.

Ethereum Price Analysis

Yesterday, there was a minor recovery in Ethereum price above the $290 level against the US Dollar. The ETH/USD pair made a couple of attempts to settle above the $300 handle. However, the bulls failed to gain momentum above $300 and $302. There was also no proper close above $302 and break above the 100 hourly simple moving average.

As a result, there was a fresh decline in Ethereum below the $290 support. Moreover, the price even broke the $280 support and traded close to the $275 support area. A swing low was formed near $278 and the price is currently correcting higher. It broke the $290 level and the 23.6% Fib retracement level of the last slide from the $232 high to $278 low. Moreover, there was a break above a connecting bearish trend line with resistance near $289 on the hourly chart of ETH/USD.

However, the price seems to be facing a lot of hurdles near $295-296. It is even struggling to hold gains above the broken trend line and $285. On the upside, the bulls are likely to struggle near $295, $296 and $300. Besides, the price must settle above the $302 level plus the 100 hourly SMA to move back in a positive zone. The 50% Fib retracement level of the last slide from the $232 high to $278 low is also near the $301 level.

If Ethereum price fails to climb above $300 and $302, there could be extended losses. An immediate support is near the $278 level, below which the price may even break the $275 support.

Looking at the chart, Ethereum price is clearly trading in a bearish zone below the $300 resistance area. Therefore, there are high chances of a fresh decline below the $275 support area. The next major supports are near the $268 and $265 levels.

ETH Technical Indicators

Hourly MACDThe MACD for ETH/USD is struggling to gain traction in the bullish zone.

Hourly RSIThe RSI for ETH/USD is still well below the 50 level.

Major Support Level – $275

Major Resistance Level – $300

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