RATE Group | Ethereum Price Analysis: ETH/USD Approaching Crucial Buy Zone Near $280
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Ethereum Price Analysis: ETH/USD Approaching Crucial Buy Zone Near $280

30 Aug Ethereum Price Analysis: ETH/USD Approaching Crucial Buy Zone Near $280

Posted at 07:15h in Ethereum News by

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Key Highlights

  • ETH price corrected lower from the $298.31 high and declined below $290-291 against the US Dollar.
  • There was a break below a key bullish trend line with support at $294 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is now trading near a couple of important support levels around $283 and $280.

Ethereum price is correcting lower against the US Dollar, but remains bearish vs bitcoin. ETH/USD must stay above $280-283 to bounce back in the near term.

Ethereum Price Support

Yesterday, we saw a nice upside move above the $295 level in ETH price against the US Dollar. The ETH/USD pair traded as high as $298.31 and later started a downside correction. It declined and moved below the $290 support level. Moreover, there was a break below the 38.2% Fib retracement level of the last ride from the $269 low to $298 high. There was even a break below the $285 level, but buyers appeared near $283-284.

During the decline, there was a break below a key bullish trend line…

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