30 August ETHUSD Price Technical Forecast: Etereum dips below $280

Ethereum bulls made another failed attempt to take the price above psychological $300 on Wednesday with an intraday high set at $297. Should traders expect further downside? This latest 30 August ETHUSD Price Technical Forecast reveals.

30 August, AtoZ Markets – The second largest coin is trading at $279 by press time, having lost 0.7% since the beginning of Thursday and 1.7% on a daily basis. ETH’s market cap is registered at $29.1B, while the average daily trading volume reached $1.4B, unchanged from Wednesday.

30 August ETHUSD Price Technical Forecast

ETHUSD dropped below SMA50 (1-hour chart) at $290, which now serves as a strong resistance area, also strengthened by 38.2% Fibo retracement (daily).

$300 handle proved to be a hard nut to crack; thus the downside is now the path of least resistance for the coin with the nearest support seen at $282.9 (SMA100, 1-hour). Once it is cleared, the sell-off may be extended towards $280 (SMA200, 1-hour) and $271 (August 27 low).

ETHUSD, 1-hour chart

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