RATE Group | Ethereum Price Weekly Analysis: ETH/USD’s Upsides Capped Near $320
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Ethereum Price Weekly Analysis: ETH/USD’s Upsides Capped Near $320

19 Aug Ethereum Price Weekly Analysis: ETH/USD’s Upsides Capped Near $320

Posted at 15:51h in Ethereum News by

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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,…

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