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Ethereum Price Analysis: ETH/USD under pressure, 21 August.

Ethereum price is feeling the squeeze against the US Dollar and bitcoin. ETH/USD broke key support at $285, opening the entryways for more misfortunes.
Ethereum price is feeling the squeeze against the US Dollar and bitcoin. ETH/USD broke key support at $285, opening the entryways for more misfortunes.

Ethereum Price Key Features

  • Ethereum price is under a great deal of weight as it broke the $290 and $285 supports against the US Dollar.
  • There is a noteworthy bearish pattern line set up with resistance at $282 on the hourly chart of ETH/USD (information feed by means of Kraken).
  • The combine exchanged as low as $268 and it is at present amending higher towards the $285-290 resistance.

Ethereum price is feeling the squeeze against the US Dollar and bitcoin. ETH/USD broke key support at $285, opening the entryways for more misfortunes.

Ethereum Price Decay

There was a sharp bearish response from the $307 swing high in ETH against the US Dollar. The ETH/USD combine began an essential drawback move and broke the $302 and $290 support levels. All the more vitally, there was a break and close underneath the $285 support and the 100 hourly basic moving normal. Ethereum price even broke the $270 level to move into a bearish zone.

A low was shaped at $268.18 before Ethereum price began an upside redress. An underlying resistance is close to the 23.6% Lie retracement level of the last drop from the $307 high to $268 low. In any case, there is a solid obstruction close to the $268-270 zone. There is likewise a noteworthy bearish pattern line set up with resistance at $282 on the hourly chart of ETH/USD. On the off chance that there is a break over the pattern line, the following resistance is close to the $287 level. It agrees with the half Lie retracement level of the last drop from the $307 high to $268 low. Thusly, if Ethereum price keeps on moving higher, it could confront merchants close to the $284-287 boundary.

ETHUSD Price Chart 21 August
ETHUSD Price Chart 21 August

Taking a gander at the chart, Ethereum price has moved into a bearish zone underneath $285. On the drawback, a break underneath the ongoing low of $268 will no doubt clear the way for more misfortunes towards $255.

Hourly MACD – The MACD is moving in the bullish zone.

Hourly RSI – The RSI is right now well beneath the 50 level.

Major Support Level – $268

Major Resistance Level – $284

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Written by Coinnounce Team

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