ETH Struggles To Break $323, Bearish Reversal Incoming?

  • Ethereum saw a small 1% price fall today as it drops to $318.
  • This comes after four days of ETH trying to break resistance at $323.
  • Against Bitcoin, Ethereum fell from 0.0317 BTC as it reached the support at 0.0284 BTC

ETH/USD: Bulls Challenged By $323 Resistance

Key Support Levels: $306, $300, $287.
Key Resistance Levels: $323, $333, $342.

Ethereum has surged immensely since breaking above the previous phase of consolidation at $250 and pushing above $300 to reach as high as $333. However, ETH seems to be struggling with specific resistance at $323 (1.272 Fib Extension).

It has attempted to break this resistance over the past four days and has failed each time. ETH also spiked lower two days ago to bounce into the $306 support (.236 Fib Retracement).

ETH/USD. Source: TradingView

ETH-USD Short Term Price Prediction

Looking ahead, if the buyers manage to break above $323, higher resistance lies at $333, $342 (1.414 Fib Extension), and $358.

On the other side, if the sellers push lower, the first level of support lies at $306 (.236 Fib Retracement). Beneath $300, added support is found at $287, $275 (.5 FIb Retracement), and $260 (.618 Fib Retracement).

Both the RSI and Stochastic RSI look overbought at the moment, which suggests the market may be a little overextended and may need to pull back slightly.

ETH/BTC – Ethereum Finds Support AT 0.0284 BTC.

Key Support Levels: 0.0284 BTC, 0.0272 BTC, 0.0263 BTC.
Key Resistance Levels: 0.0293 BTC, 0.03 BTC, 0.0317 BTC.

Against Bitcoin, ETH managed to push as high as 0.0317 BTC earlier during the week. However, it was unable to overcome this level, which caused it to roll over from there and started to head lower.

ETH went on to find support at 0.0284 BTC, where it bounced higher today to reach the 0.029 BTC level.

ETH/BTC. Source: TradingView

ETH-BTC Short Term Price Prediction

Moving forward, if the buyers push ETH higher again, resistance lies at 0.0293 BTC, 0.03 BTC, and 0.0317 BTC. This is followed by added resistance at 0.032 BTC and 0.0328 BTC.

On the other side, the first level of support is found at 0.0284 BTC. This is followed by added support at 0.0272 BTC (.382 Fib Retracement) and 0.0263 BTC.

The RSI recently dropped from overbought conditions into the 50 line, which indicates that there is indecision within the market. For ETH to push higher, the RSI must remain above the 50 line to indicate bullish momentum within the market.

The post ETH Struggles To Break $323, Bearish Reversal Incoming? Ethereum Price Analysis appeared first on CryptoPotato.

Source: Crypto Potato