Ethereum (ETH) Price Struggling Below $320: Range Moves Before Higher? @newsbtc #Analysis #Technical #ETH #ethereum

• ETH price climbed sharply above $300, but it struggled to clear the $315-320 resistance against the US Dollar.
• The price corrected lower, declined below the $300 level, and found support near the $295 lev...
  • ETH price climbed sharply above $300, but it struggled to clear the $315-320 resistance against the US Dollar.
  • The price corrected lower, declined below the $300 level, and found support near the $295 level.
  • There was a break below a major bullish trend line with support near $310 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is currently correcting higher, but there are chances of more ranges moves below $320.

  Ethereum price is currently consolidating gains in a broad range versus the US Dollar, just like bitcoin. ETH price must stay above $295 and $290 to climb higher once again.

  Ethereum Price Analysis

  This past week, we saw solid gains in bitcoin and Ethereum above $300 and $10,000 respectively against the US Dollar. The ETH/USD pair gained momentum above the $305 and $310 levels. There was even a close above the $300 level and the 100 hourly simple moving average. The price traded close to the $320 level and a swing high was formed near $318.

  It seems like the price struggled to continue above the $315-320 resistance area. As a result, there was a downside correction below the $310 level. There was a break below a major bullish trend line with support near $310 on the hourly chart of ETH/USD. Ethereum price even declined below the $300 support levels. However, the 100 hourly SMA acted as a strong support near the $295 level.

  A swing low is formed at $295 and the price is currently moving higher. It is trading above the 23.6% Fib retracement level of the downward move from the $318 high to $295 swing low. On the upside, there are a few hurdles for the bulls near $306 and $310. The 50% Fib retracement level of the downward move from the $318 high to $295 swing low is near the $306 level to prevent upsides.

  Moreover, the main resistance is near the $310 level. Therefore, ETH must climb above the $310 level to start a fresh increase. The next key resistances are near $315 and $320, above which the price may perhaps accelerate higher.

  

  Looking at the chart, Ethereum price is facing a lot of resistance below $310. Therefore, there are chances of range moves before the next move (probably above $310 and $315). On the downside, the main support is near the $295 level and the 100 hourly SMA, followed by $290.

  ETH Technical Indicators

  Hourly MACD – The MACD for ETH/USD is currently gaining strength in the bearish zone.

  Hourly RSI – The RSI for ETH/USD is currently below the 50 level, with a few positive signs.

  Major Support Level – $295

  Major Resistance Level – $310

  The post Ethereum (ETH) Price Struggling Below $320: Range Moves Before Higher? appeared first on NewsBTC.

  
  
  source https://www.tokentalk.co/NewsBTC/ethereum-eth-price-struggling-below-320-range-moves-before-higher-5d103e918988f0e31d56a69b