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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.

The Status:

  • 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.

 

Technical Aspect

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

 

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. Altcoin Today does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.

 

 

Source: NewsBTC

Charts courtesy of Trading View

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