Ethereum Price Weekly Analysis: Losing Value to Bitcoin
Ethereum price is struggling to gain momentum against the US Dollar and Bitcoin. ETH/USD is currently correcting lower towards $280.
- ETH price remained elevated above $280 against the US Dollar, but currently under pressure due to Bitcoin price rise.
- There was a break below a major bullish trend line with support at $303.50 on the 4-hours chart of ETH/USD (data feed via SimpleFX).
- The pair is currently under pressure and may struggle to break the recent high of $317.19.
It was mostly a good week for ETH price as it moved above the $315 level to trade as high as $317.19 against the US Dollar. Later, the price struggled to move towards $320-325 and currently moving lower. It traded lower and moved below the $310 level. During the downside move, it broke the 23.6% Fib retracement level of the wave from the $256.34 low to $317.19 high.
Moreover, there was a break below a major bullish trend line with support at $303.50 on the 4-hours chart of ETH/USD. However, the downside move was protected by the 50% Fib retracement level of the wave from the $256.34 low to $317.19 high. The last two candles on the 4-hours chart are mostly bearish, which is not a good sign. There are chances that ETH price might recover towards the $310 level, but most likely to face strong offers.
Therefore, in the short term, there can be swing moves towards $310 and then a downside move to test the $280 support zone. In the medium term, the price is well supported and likely to resume gains above $300. However, Bitcoin price needs to settle down to decrease bearish pressure on all altcoins.
4-hours MACD – The MACD is still in the bullish zone despite of the recent decline.
4-hours RSI – The RSI is moving lower towards the 50 level.
Major Support Level – $280
Major Resistance Level – $317
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Charts courtesy of Trading View