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2 March 2024
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Price Analysis

Bearish Wave against the US Dollar

ETH price

After achieving an apex near the $98-100 zone, ETH price began a bearish wave against the US Dollar. The ETH/USD pair declined and traded below the $95 support and the 100 hourly Simple Moving Average. It opened the doors for more losses and the price recently broke the $92 and $90 support levels too. The sellers were witnessed to be in control and this further pushed the price beneath the $88 pivot level.

The past day reflected a breach in the major contracting triangle with a support at $88 on the hourly chart of ETH/USD. The ETH/USD pair traded as low as $85 recently and it is currently consolidating losses. An initial resistance is near the 23.6% Fib retracement level of the recent decline from the $99 swing high to $85 low while an intermediate resistance is at the 50% Fib retracement level of the recent decline from the $99 swing high to $85 low. However, the first major hurdle is near the $91 level and the 100 hourly Simple Moving Averages. Above $91, the triangle resistance trend line is positioned at $93.

Ethereum Price Chart

Looking at the chart, ETH price is evidently facing a lot of obstacles starting at $91 and up to $93. A credible close above the $93 level is required for a decent recovery. If not, the price could break the $85 swing low and it may even assess an $80 mark.

The hourly MACD is slightly placed in the bullish zone with the hourly RSI placed just below the 50 level. The Major Support Level is placed at $80 and the Major Resistance Level at $93.

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