Ethereum Sustains Bearish Pressure – Can Break Below $300 Support?


Ethereum dived below $330 event level and had a daily impulsive close. Ethereum sustains bearish pressure after rejecting $390 resistance. Can ETH break below $300 support zone? What are the charts and technical indicators are saying? Read more to find further insights into today’s ETH/USD Technical Analysis.

September 24, 2020, | AtoZ MarketsEthereum price decline today against the U.S. Dollar during the Asian session. Ethereum is currently trading around $325 area and trying to retrace upside. After rejecting the dynamic level of 20 EMA on the daily chart, the bears pushed the price down quite impulsively and gained more than 700 pips. As per the current price action, Ethereum may face strong support around $300 area in the coming days.

Ethereum Sustains Bearish Pressure as the USD Index Gained

ETH is currently trading around $325 area and trying to recover higher. Moreover, the price is still remaining below the Kijun line and the Tenkan line on the intraday chart.

Ethereum Sustains Bearish

Image: Ethereum 4 Hour Chart

According to the 4-hour chart, Ethereum sustains bearish and currently trading around $325 area. As per the current price action, if the price reaches $330 resistance area and rejects, the bears may sustain the bearish pressure towards $300 area in the coming days. Alternatively, if the price breaks above $330 area with an impulsive bullish candle close, the bulls may recover higher towards $350 area in the coming days.

In addition, the dynamic level of 20 EMA is currently residing above the price. Along with the Kijun line and the Tenkan line. The dynamic level may act as strong resistance to push the price downside. Besides, the Kijun line and the Tenkan line may work as a confluence of the dynamic level in the coming days.

ETH Bears Are Optimistic

According to the daily chart, Ethereum sustains bearish and currently residing near $325 area. As per the current price action, if the price can have an impulsive daily bearish candle close below $310 area, the bears may decline towards $300 in the process. So, if the price reaches $300 area and bounces higher, the bulls may regain momentum and recover higher towards $350 area again in the days ahead. In contrast, if the price reaches $300 area and breaks below it, the bears may continue the bearish trend towards $270 area in the coming days.

Ethereum Sustains Bearish

Image: Ethereum Daily Chart

Furthermore, the dynamic level of 20 EMA is currently residing above the price, which may act as a strong support to push the price down in the process. Besides, the RSI line is currently residing below the overbought level 70 and gradually sloping down. It indicates that bears may sustain the bearish pressure further in the days ahead.

To conclude, as long as the price remaining above $300 area, the bias will be bullish on the higher timeframe. A daily close is required to identify the definite momentum in the coming days. 

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