Ethereum price prediction: ETH/USD tested key support near $ 307, what next?

Reverses half the recovery seen on Saturday.
The significant confluence support near 307.50 holds for now.

The second most favorite cryptocurrency, Ethereum, fell sharply from the daily high of $ 323. and reversed 50% of Saturday’s recovery to reach daily lows at 307.60, breaching the 200-hourly Simple Moving Average (SMA) at $ 311.51. Over the last hour, the cryptocurrency is seen struggling to extend the bounce above the 200-hourly SMA amid a fresh round selling across the crypto board.

The coin risks a break below the key support near the 307.50 level, where the 50% Fibonacci Retracement Level of the latest rise and upward sloping 50-hourly SMA coincide. A break below the last, the 61.80% Fib at 304.16 could offer some respite to the buyers. A test of the 300 mark remains inevitable on failure to hold the 61.80% support. The bears are seen fighting for control, despite the hourly Relative Strength Index hovering the oversold territory.

Any bullish move will get validated only above the 323-325 levels, allowing the buyers to aim for the next target at 329.63 (daily classic R1). At the press time, ETH/USD trades near 308.80 region, up 2.25% over the last 24 hours and with a market capitalization of $ 32 billion.

ETH/USD, 1-hour chart

Levels to Watch

ETH/USD

Overview
Today last price	308.76
Today Daily Change	-9.33
Today Daily Change %	-2.94
Today daily open	317.25

Trends
Daily SMA20	284.34
Daily SMA50	261.57
Daily SMA100	210.91
Daily SMA200	168.07

Levels
Previous Daily High	324.07
Previous Daily Low	291.57
Previous Weekly High	363.54
Previous Weekly Low	274.86
Previous Monthly High	288.43
Previous Monthly Low	159.05
Daily Fibonacci 38.2%	311.65
Daily Fibonacci 61.8%	303.98
Daily Pivot Point S1	297.85
Daily Pivot Point S2	278.46
Daily Pivot Point S3	265.35
Daily Pivot Point R1	330.36
Daily Pivot Point R2	343.47
Daily Pivot Point R3	362.86

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