Key Highlights
- ETH price continues to face selling pressure below the $425 pivot level against the US Dollar.
- There are two key bearish trend lines forming with resistance around $420 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The pair is currently under pressure and it is following a bearish path below $428.
Ethereum price faced a lot of selling pressure against the US Dollar and Bitcoin. ETH/USD is now below $410 and eyeing more declines.
Ethereum Price Resistance
It seems like there is no stopping sellers as ETH price declined below the $420 and $410 levels against the US Dollar. The price failed to correct substantially and faced heavy offers near $425. Moreover, the 38.2% Fib retracement level of the last drop from the $461 high to $410 also acted as a hurdle. A fresh downside wave was initiated and the price moved below the $410 support. A new low was formed at $397.30 and is currently correcting higher.
It moved above the 23.6% Fib retracement level of the last decline from the $460.54 high to $397.30 low. However, it once again faced sellers and struggled to break the $425 zone. There are also two key bearish trend lines forming with resistance around $420 on the hourly chart of ETH/USD. These trend lines are near the 38.2% Fib retracement level of the last decline from the $460.54 high to $397.30 low. Therefore, it won’t be easy for buyers to break the $420-425 resistance zone.
In short, it seems like the price is still in a downtrend below $425. It might retest the last swing low of $397 in the short term. Below $397, the price could accelerate decline towards the $380 support zone in the near term.
Hourly MACD – The MACD has slightly reduced its bearish slope.
Hourly RSI – The RSI is still below the 50 level and is struggling to move higher.
Major Support Level – $397
Major Resistance Level – $425
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
