Key Highlights
- ETH price is under a lot of bearish pressure below the $430 and $410 levels against the US Dollar.
- There are two bearish trend lines in place with resistance at $432 and $412 on the 4-hours chart of ETH/USD (data feed via Kraken).
- The pair needs to settle above $432 and the 100 SMA (4-hours) to move back in a positive zone.
Ethereum price is trading with bearish moves versus the US Dollar and Bitcoin. ETH/USD is facing major hurdles near $732 for a recovery in the near term.
Ethereum Price Resistances
This past week, there were mostly bearish moves below $440 in ETH price against the US Dollar. The ETH/USD pair declined and broke the $430 and $423 support levels. It moved into a bearish zone below $430 and settled below the 100 simple moving average (4-hours). The decline was such that the price even broke the $400 level and formed a new low at $397.
Later, the price started consolidating around the $400 level. It tested the 23.6% fib retracement level of the last decline from the $483 high to $397 low. However, ETH buyers failed to gain traction above the $417 level, and the price declined once again. At the moment, the price is trading in a range above $400. On the upside, there are two bearish trend lines in place with resistance at $432 and $412 on the 4-hours chart of ETH/USD. The second bearish trend line coincides with the 38.2% fib retracement level of the last decline from the $483 high to $397 low. An intermediate resistance is near the $423 level (the previous support).
The above chart indicates that ETH price is facing an uphill task near the $432 level. A break above $432, trend lines, and the 100 SMA is needed for a decent recovery in Ethereum.
4-hours MACD – The MACD is slowly moving in the bullish zone.
4-hours RSI – The RSI is currently just below the 40 level.
Major Support Level – $397
Major Resistance Level – $432
Author: Aayush Jindal
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