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Ethereum Price Analysis: ETH/USD facing downward force, 27 August.

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Ethereum Price Key Features

  • Ethereum price was not ready to break higher and it is right now exchanging beneath $275 against the US Dollar.
  • There is a critical bearish pattern line shaped with resistance close $272-274 on the hourly diagram of ETH/USD (information feed by means of Kraken).
  • The pair should clear the $275 resistance and the 100 hourly basic moving normal for more picks up.

Ethereum price is exchanging with a nonpartisan inclination against the US Dollar and bitcoin. ETH/USD needs to pick up energy above $275 for additionally picks up in the close term.

Ethereum Price Upside Obstacle

There were numerous endeavors by Ethereum price to move into a bullish zone with a break over the $275-280 zone against the US Dollar. The ETH/USD pair constantly attempted to pick up force and it as of late declined beneath $275. There was likewise a break beneath the 38.2% Lie retracement level of the last wave from the $259 low to $283 high. Be that as it may, decays were restricted since the $270 level went about as a support.

In addition, it appears as though the half Lie retracement level of the last wave from the $259 low to $283 high is going about as a support. On the off chance that there is a break underneath the $270 and $268 levels, the price may well decrease back towards the $262 level. On the upside, there is a noteworthy bearish pattern line-shaped with resistance close $272-274 on the hourly outline of ETH/USD. A similar pattern line went about as an obstacle for purchasers on numerous events above $275. It likewise agrees with the 100 hourly SMA close to the $277 level. In this manner, a break and close above $277-280 is required for purchasers to pick up footing.

Taking a gander at the outline, Ethereum price is plainly attempting to clear the pattern line and $280. For the time being, there could be a push towards the $270 and $268 levels before a recuperation.

Hourly MACD – The MACD is level in the bearish zone.

Hourly RSI – The RSI is put well underneath the 50 level.

Significant Support Level – $270

Significant Resistance Level – $277

Disclaimer: Coinnounce's views are not necessarily reflected in the articles published, and they are the sole representation of the author's opinions. Article's information should not be taken as investment advice. Risks are involved in cryptocurrency investments and trading. Readers are urged to carry out extensive research before making a decision.

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