Ethereum fails to remain above the $300 level

Fibo Quantum

Ether price analysis

According to an ethnews article this morning the hourly chart indicators are also in bullish territory.

As mentioned, ether broke through the $300 and $306 level and moved towards a level of $320. Ether moved up in relation to bitcoin’s price as well. Ether found solid support near $280 and began an upward move. Although there was somewhat of a struggle at the two resistance levels buyers finally managed to break through.

The price reached to $321.12 before dropping back but the broken resistance of $305 to $306 acted as support. A bullish trendline has also been formed with support at $304. The most important support is $300.

The six hour chart is showing positive signs. It seems that ether’s price could continue to rise towards the $330 resistance level. The next significant barrier after that would be $350 that was previously a crucial support.

There is a key bullish trendline forming from lows with support at the $298 level. Overall the price action would suggest a positive technical structure above the $300 and $298 level both on the hourly and 6-hour charts of ethereum.

Important levels

Two important resistance levels are $320 and $330.

Important support levels are $306 and $300.

The relative strength index RSI is above 60 a bullish sign.

The MACD, moving average convergence divergence, is also in the bullish zone.

Ethereum fails to stay above the $300 level

An article at Cointelegraph later in the day notes: “Ethereum (ETH) has failed to hold $300 support, trading at $291 at press time. The major altcoin has suffered a 3.74 percent loss over a 24 hour period, also having failed to keep momentum over the week with an 11 percent loss in the past 7 days.”

Present situation

At 23:50 UTC just before the close, ethereum was still marginally below the $300 level at $296. It looks as if the bullish outlook may be a bit optimistic but then Sunday is another day and the situation could improve. However, it looks now as if ethereum will close lower than its open and perhaps below the $300 level as well. The present price of ethereum can be found here. Ethereum is the second largest cryptocoin by market cap, only bitcoin being larger.

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