Key Highlights
- ETH price struggled to remain above the $455-460 support area against the US Dollar.
- There was a break below yesterday’s highlighted key contracting triangle with support at $458 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The pair is now below $455 and the 100 hourly simple moving average, which is a short-term bearish sign.
Ethereum price traded lower against the US Dollar and Bitcoin. ETH/USD is now below the $455-460 support and is under bearish pressure.
Ethereum Price Resistance
Yesterday, buyers fails to hold gains in ETH price above the $460 support area against the US Dollar. The price started a downside move and broke a few important support levels such as $460, $458 and $450. First, there was a break of the 23.6% Fib retracement level of the last upside wave from the $391 low to $480 high. It opened the doors for more losses below $460 and the price moved below the 100 hourly simple moving average.
More importantly, there was a break below yesterday’s highlighted key contracting triangle with support at $458 on the hourly chart of ETH/USD. The pair is currently attempting a break of the 38.2% Fib retracement level of the last upside wave from the $391 low to $480 high. Once there is a break below the $445 level, there can be further declines in the near term towards $435. The next major support is around the 50% Fib retracement level of the last upside wave from the $391 low to $480 high around $435.
On the upside, the broken support at $458-460 and the 100 hourly SMA might now act as a resistance. Overall, more losses likely as long as the price is below $460.
Hourly MACD – The MACD is gaining pace in the bearish zone.
Hourly RSI – The RSI is now well below the 50 level and is eyeing the 30 level.
Major Support Level – $435
Major Resistance Level – $460
Charts courtesy – SimpleFX
Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.
Source: newsBTC
