Key Highlights
- ETH price declined recently and broke a key support near $468 against the US Dollar.
- Yesterday’s highlighted important bullish trend line was breached with support at $476 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is now trading well below the $468 support and the 100 hourly simple moving average.
Ethereum price failed to stay above major supports against the US Dollar and bitcoin. ETH/USD is trading below the $468 support with a bearish angle.
Ethereum Price Resistance
There were a few rejections noted around the $480-482 resistance area in ETH price against the US Dollar. The ETH/USD pair struggled to hold gains and declined below a key support at $468. It even broke the 50% Fib retracement level of the last leg from the $446 swing low to $486 high. It opened the doors for more losses and the price settled below the $468 support and the 100 hourly SMA.
More importantly, yesterday’s highlighted important bullish trend line was breached with support at $476 on the hourly chart of ETH/USD. The pair traded lower and tested the next support at $462. The 61.8% Fib retracement level of the last leg from the $446 swing low to $486 high also acted as a support. At present, the price is consolidating near the $462 support area and is preparing for the next move. If the price corrects higher, the previous support at $468 and the 100 hourly SMA are likely to prevent gains. Above this, the price may perhaps retest the $480-482 resistance area.
Looking at the chart, the price is finding bids near the $460-462 support. However, if the price breaks the $462 support, there could be more declines towards the $450 support. Further below $450, there could be heavy declines in ETH/USD.
Hourly MACD – The MACD is gaining pace in the bearish zone.
Hourly RSI – The RSI is currently well below the 40 level.
Major Support Level – $462
Major Resistance Level – $482
