{"id":388782,"date":"2019-07-05T03:08:58","date_gmt":"2019-07-05T03:08:58","guid":{"rendered":"https:\/\/wncen.com\/?p=388782"},"modified":"2024-06-11T13:05:01","modified_gmt":"2024-06-11T13:05:01","slug":"ethereum-eth-price-dips-again-after-bitcoin-struggled-to-clear-12k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum-eth-price-dips-again-after-bitcoin-struggled-to-clear-12k\/","title":{"rendered":"Ethereum (ETH) Price Dips Again After Bitcoin Struggled To Clear $12K"},"content":{"rendered":"
Ethereum price is under pressure below the $290 pivot level versus the US Dollar, and declined vs bitcoin<\/a>. ETH price could continue to decline if the bulls fail to defend the $280 support.<\/em><\/p>\n After bitcoin failed to clear the $12,000 resistance<\/a>, there was a downside push, dragging Ethereum lower against the US Dollar. Earlier, the ETH\/USD pair climbed above the $300 level and formed a swing high near the $304 level. However, the price failed to gain pace above the key $300 resistance area. As a result, there was a bearish reaction and the price dipped below the $295 and $290 support levels.<\/p>\n Moreover, there was a close below the $290 support and the 100 hourly simple moving average. It even broke the $295 support and tested the $280 support. Ethereum is currently recovering and is trading near the $285 level. It seems like the 23.6% Fib retracement level of the recent dip from the $304 swing high to $280 low is acting as a resistance. On the upside, there are many resistances near the $290 level.<\/p>\n Besides, there is a major bearish trend line forming with resistance near $290 on the hourly chart of ETH\/USD. The 50% Fib retracement level of the recent dip from the $304 swing high to $280 low is also near the $291 level to act as a strong resistance. The main resistance is now near the $295 level and the 100 hourly SMA. It also coincides with the 61.8% Fib retracement level of the recent dip from the $304 swing high to $280 low.<\/p>\n Therefore, the price is likely to struggle to clear the $290 and $295 resistance levels. On the downside, the $280 level is an initial support. If there is a downside break below the $280 support, the price could accelerate losses in the near term.<\/p>\nEthereum Price Analysis<\/h2>\n