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article imageEthereum fails to remain above the $300 level

By Ken Hanly     Aug 18, 2018 in Technology
Today etherium's coin ether broke through resistance at the $300 to $306 levels. The 6 hour chart signals that the price should trend upward towards the $330 and $350 resistance levels.
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.
More about ethereum, ether price, cryptocurrencies
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