RATE Group | Ethereum Price Analysis: ETH/USD Moving Lower Within Range
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Ethereum Price Analysis: ETH/USD Moving Lower Within Range

05 Sep Ethereum Price Analysis: ETH/USD Moving Lower Within Range

Posted at 07:43h in Ethereum News by

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Key Highlights

  • ETH price failed to gain traction above $292-295 and declined recently against the US Dollar.
  • This week’s followed important bearish trend line is still in place with resistance near $288 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair has to break the $288 and $290 resistance levels to gain momentum in the near term.

Ethereum price is facing crucial hurdles against the US Dollar and bitcoin. ETH/USD buyers must gain traction above $290 to push the price higher.

Ethereum Price Resistance

There were many attempts by ETH price to clear resistances like $292 and $290 against the US Dollar. However, the ETH/USD pair failed to gain bullish momentum and it slowly moved down. It broke the $284 support recently and spiked towards the $277 level. A low was formed at $277.97 before the price made a nice recovery. It moved above the 23.6% Fib retracement level of the last decline from the $302 high to $277 low.

However, the price faced a strong resistance near the…

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