Ethereum Price Weekly Analysis: ETH/USD’s Upsides Capped Near $320 ByAayush JindalPRO INVESTOR Updated: 19 August 2021 DisclosureWe sometimes use affiliate links in our content, when clicking on those we might receive a commission – at no extra cost to you. By using this website you agree to our terms and conditions and privacy policy. Join Our Telegram channel to stay up to date on breaking news coverage Key Highlights ETH price corrected higher recently and traded above $310 and $315 against the US Dollar. There is a key connecting bearish trend line in place with current resistance at $311 on the 4-hours chart of ETH/USD (data feed via Kraken). The pair has to break the $311 and the $320 resistance levels for more upsides in the near term. Ethereum price failed to remain in a positive zone versus the US Dollar and Bitcoin. ETH/USD settled below $300 and is facing resistances near $311 and $320. Ethereum Price Resistances After forming a base near the $249-250 zone, ETH price started an upside correction against the US Dollar. The ETH/USD pair traded higher and broke the $275 and $300 resistance levels. It even moved above the $315 level and traded as high as $322. Later, buyers lost the control, resulting in a fresh decline. The price dropped below the 23.6% fib retracement level of the last wave from the $249 low to $322 high. More importantly, it declined back below the $300 level, which is not a good sign. However, the downside move was protected by the $285 support. It represents the 50% fib retracement level of the last wave from the $249 low to $322 high. The price is currently consolidating above the $285 level and is preparing for the next move. If sellers push the price below $285, it could increase selling pressure. The next supports are $279, $275 and $262. On the upside, there is a key connecting bearish trend line in place with current resistance at $311 on the 4-hours chart of ETH/USD. The above chart indicates that ETH price must break the trend line and $320 to gain momentum. The next resistance is near $340 and the 100 simple moving average (4-hours). 4-hours MACD – The MACD is showing signs of weakness in the bearish zone. 4-hours RSI – The RSI is currently just below the 50 level. Major Support Level – $285 Major Resistance Level – $320 The post Ethereum Price Weekly Analysis: ETH/USD’s Upsides Capped Near $320 appeared first on NewsBTC. Join Our Telegram channel to stay up to date on breaking news coverage
