Ethereum Price Resistance

There was a sharp decline in ETH price towards the $200 handle recently against the US Dollar. The price traded as low as$230 where there was a solid buying interest. The price started a recovery and moved sharply higher. It traded above the $250 and$300 resistances. A high was formed at $316 where sellers defended further gains and prevented a break above$320.

A crucial bearish trend line forming with current resistance as $288 on the 4-hours chart of ETH/USD acted as a barrier. Moreover, the 100 simple moving average on the same chart prevented a close above$300. As a result, the price started declining once more, and traded below $300. It broke the 50$202 low to $316 high. During the downside, the price also cleared the$277 support.
http://s3.amazonaws.com/main-newsbtc-images/2017/07/02030632/Ethereum.png
At the moment, it is trading near the 61.8% Fib retracement level of the last wave from the $202 low to$316 high. There are chances of further declines if buyers fail to hold $250. A close below$240 could ignite a sharp downside move towards the next major support at $203.

4-hours MACD – The MACD is gaining pace in the bearish zone and signaling declines.

4-hours RSI – The RSI is now well below the 50 level and heading lower.

Major Support Level – $285.00

Major Resistance Level – $330.00