RATE Group | Ethereum Price Analysis: ETH/USD Trimmed Gains, Bearish Below $284
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Ethereum Price Analysis: ETH/USD Trimmed Gains, Bearish Below $284

23 Aug Ethereum Price Analysis: ETH/USD Trimmed Gains, Bearish Below $284

Posted at 17:29h in Ethereum News by

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Key Highlights

  • ETH price fell sharply and trimmed most of its gains above the $290 level against the US Dollar.
  • There is an important bearish trend line with resistance at $273 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is currently recovering and it is currently trading above the $271 pivot level.

Ethereum price is trading with an increase in selling pressure against the US Dollar and bitcoin. ETH/USD could recover, but it may perhaps find hurdles near $280-284.

Ethereum Price Resistances

After a sharp upside move above the $295, ETH faced sellers against the US Dollar. The ETH/USD pair topped near the $300-301 zone and later it started a downside move. The price declined sharply and broke many supports near the $290 and $280 levels. There was even a break below the $268 low and sellers pushed the price below the $265 level. It traded as low as $259.17 and later the price started an upside correction.

There was a recovery above the $265 level and the 23.6% Fib…

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