Ethereum price failed to recover above $300.00 and declined recently. ETH price is currently at a risk of more downsides below the $275.00 and $272.00 support levels.
- Ethereum price is currently trading well below the $300.00 resistance area.
- ETH/USD seems to be following a declining channel with resistance near $292.00 on the 30-minute chart.
- The price might decline sharply if it clears the $275.00 support area in the next few hours.
Read: Guide to XM
Ethereum Price Analysis (ETH to USD)
In the past two sessions, there was a sharp decline in bitcoin below $10,200 and $10,000. It increased pressure on Ethereum as it failed to clear the key $300.00 resistance. ETH price is now at a risk of more losses if bears push the price below the $275.00 support.
Click to Enlarge Chart
Looking at the 30-minute chart of ETH/USD, the pair topped below the $300.00 level recently. A swing high was formed at $299.23 and the price declined below $290.00 plus the 25 simple moving average (30-min).
The recent decline was such that the price even cleared the $284.00 swing support. A new weekly low was formed at $277.12 and the price is currently consolidating.
An immediate resistance is near $284.00 or the 23.6% Fib retracement level of the recent slide from the $299.23 high to $277.12 low. Above $284.00, the price could trade towards the $290.00 resistance.
An intermediate resistance is near $288.20 and the 50% Fib retracement level of the recent slide from the $299.23 high to $277.12 low. At the outset, Ethereum seems to be following a declining channel with resistance near $292.00 on the same chart.
If the bulls take over and push the price above the $292.00 resistance, there are chances of an extended recovery above the $295.00 and $300.00 levels. The next main resistance is near the $308.20 level.
On the downside, the $275.00 support could play an important role. If Ethereum price slides below the $275.00 support, bears are likely to aim $260.00 in the coming sessions. An intermediate support could be near the $264.00 level.
The market data is provided by TradingView, Bitfinex.
