Key Highlights
- ETH price extended declines and broke the $440 and $426 support levels against the US Dollar.
- There are two key bearish trend lines formed with resistance at $429 and $442 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is in a major downtrend and it remains at a risk of more declines below $410 in the near term.
Ethereum price declining sharply against the US Dollar and bitcoin. ETH/USD extended losses below $430 and it may even test the $400 level.
Ethereum Price Resistance
Yesterday, we discussed that ETH price turned bearish below $468 against the US Dollar. The ETH/USD pair extended declines below the $465 level and tumbled by more than $40. It even broke the $440 and $426 support levels to move into a bearish zone. The recent low was near $411 and it seems like upsides and recoveries are likely to be limited in the near term.
On the upside, an initial resistance is near the 23.6% Fib retracement level of the last decline from the $458 high to $411 low. Moreover, there are two key bearish trend lines formed with resistance around $430 on the hourly chart of ETH/USD. The first trend line coincides with the previous support area at $426-428. The second trend line coincides with the 50% Fib retracement level of the last decline from the $458 high to $411 low. Therefore, both trend lines at $429 and $442 are likely to act as strong resistances for ETH buyers.
Looking at the chart, the price may perhaps correct a few points towards the $430 level. However, it is likely to face sellers and decline back below $420. Should there be a break below the $411 low, there is a risk of more losses below $400.
Hourly MACD – The MACD is placed nicely in the bearish zone.
Hourly RSI – The RSI is well near the oversold levels with many bearish signs.
Major Support Level – $411
Major Resistance Level – $442
Author: Aayush Jindal
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